According to Friday’s economic reports, U.S. employers added fewer jobs last month than anticipated, a factor that prompted the greenback to decline to the lowest level in more than one week against the Euro while Forex investors speculated that growth in the world’s largest economy has slowed down. The Federal Reserve indicated that it would continue with the current asset purchasing program until the jobs sector signals an improvement. According to analysts, the payroll figures were more than disappointing as they not only posted below forecasts, they also came in below 100,000. Official Labor Department metrics showed that payrolls only grew by 88,000 in March. Despite the lackluster numbers, the jobless rate ticked down from 7.7 to 7.6%. Other positive news showed that the U.S. trade deficit contracted. The U.S. Dollar had advanced early in the day against the shared currency on data which revealed that retail sales in the Euro-zone dipped in February.
Meanwhile, Canada’s Dollar sustained the biggest drop in nine months against its American counterpart and fell against the remainder of its Forex market peers after domestic releases confirmed that Canada lost 54,500 jobs, which was the most since the recession of four years ago. The country’s unemployment rate climbed from 7 to 7.2%
Elsewhere, the Yen traded at the lowest price since 2009 against the U.S. currency a day after the Bank of Japan announced unprecedented monetary easing measures.
In the U.K., the British Pound rallied to a six-week high versus the greenback following the release of disappointing U.S. employment data.