U.S. Dollar Steady after Jobs Data

The dollar stood little changed against its peers after mixed U.S. jobs data failed to offer much of a buying incentive, while sterling stood tall after a surprise British election victory by the Conservative Party.  The dollar was steady at 119.73 yen, having slipped from an overnight high of 120.24 after the release of Friday’s U.S. jobs numbers.

The closely-watched U.S. jobs data showed April non-farm payrolls increase roughly in line with forecasts to 223,000 but a significant downward revision to the March figure. Wage growth, a favored metric for Fed policy makers, was also softer than expected.  The mixed data supported bets that the Fed will not begin hiking rates until late in 2015 and pushed U.S. debt yields lower, in turn weakening demand for the dollar.

The dollar fared a little better against the euro, nudged away from a recent peak as a recent sharp jump in German bund yields halted late last week.  The euro was little changed at $1.1200, having pulled back from a two-month peak of $1.1392 struck Thursday.


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