The Dollar turned volatile and unpredictable on Friday afternoon as investors digested the mixed US jobs data for April.
Prices initially jumped higher as market players cheered that the United States added an impressive 263,000 jobs to its economy last month. With the unemployment rate dropping to its lowest level since December 1969 to 3.6%, one would have expected the Dollar to aggressively appreciate against its major counterparts. However, the market reaction suggests that investors are clearly more concerned with wage growth figures which came in at 0.2% month-over-month, slightly below the expectations of 0.3%. All in all, today’s report is unlikely to pull the Federal Reserve away from the side-lines and this reality continues to be reflected in the Dollar’s price action.
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