The U.S. Dollar fell against its major counterparts in New York on Friday as jobs data showed that there was a rise of the unemployment rate and slower wage growth in February. These factors dampened expectations for a Fed hike of 50 basis points this month.
According to data from the Labor Department, the unemployment rate increased from 3.4 percent in January to 3.6 percent by February. The unemployment rate was expected not to change.
The wage growth was 0.2 percent month over month and 4.6 percent year over year, which is below the expectations of 0.3 percent or 4.7 percent.
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.
U.S. Treasury yields declined, with the benchmark 10-year yield at 3.824%.
After analysis, it is now possible to see a 45.4 percent chance of a 50-basis point increase in federal funds target rate at the next meeting.
The USD/CHF rate reached 0.9230, which is its lowest level since Feb 21. The pair was worth 0.9322 at Thursday’s closing. The greenback finds support around the…