Poor employment data undermines US dollar

The US dollar weakened considerably yesterday, as employment data from the country added to the currency’s woes. Whilst the overall rate of unemployment improved to 7.2%, the non-farm employment change figure came in significantly below market estimates causing the US dollar to weaken against all of its major counterparts. This drop was a big surprise to many investors who had previously speculated on an improvement. Whilst causing the US dollar to weaken, the weak labour data means that the Federal Reserve is much less likely to taper its quantitative easing program in the near term which helped buoy the global stock markets. Today see’s little data released from the US with just mildly influential import prices and crude oil inventories to affect rates. Call your trader now for the latest US dollar rates, in a bleak period for the currency