After data showing an increase in the unemployment rate and slower wage growth in February, the U.S. dollar lost ground against its major counterparts Friday. This tempered expectations of a Fed 50 basis point increase this month.
The Labor Department data showed that the unemployment rate rose from 3.4% to 3.6% in January to 3.6% in Februar. The unemployment rate was expected not to change.
However, the wage growth was below expectations at 0.3% and 4.7%, respectively.
However, nonfarm payroll employment jumped by 311,000 jobs to February, after having risen by 504,000 jobs in January.
Economists predicted that employment would increase by 205,000 jobs in comparison to the jump of 517,000 jobs reported for the preceding month.
Although the dollar index dropped to 104.04 at mid-morning, it recovered to 104.64 during the session, it still lost 0.65%.
The dollar fell to 1.0639 against the Euro from 1.0585.
The dollar traded at 1.2032 against the Pound Sterling, down from 1.1924. The dollar traded at 1.2032 against Pound Sterling, down from 136.14yen.
The Aussie is slightly lower at 0.6582. The dollar is slightly higher against the Swiss Franc…