U.S. Dollar Flat After Private Job Growth Slows in February

U.S. Dollar Flat After Private Job Growth Slows in February

Mar 06, 2019

The greenback was flat Wednesday, but still held onto two-week gains after job growth in the U.S. slowed in February, but was stronger in January than originally thought.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, lost 0.05% to 96.74 as of 10:43 AM ET (15:43 GMT), after reaching an overnight high of 96.80.

The dollar slipped after payrolls processor ADP (NASDAQ:ADP) reported the economy added 183,000 jobs in February, a slowdown from January and below economists' expectations. However, the shortfall was offset by a revision in January, when 300,000 jobs were added.

The dollar declined against the safe-haven yen, with USD/JPY falling 0.2% to 111.68.

The loonie was lower, with USD/CAD up 0.7% to 1.3436 after the Bank of Canada kept rates unchanged at 1.75%, as expected.

Elsewhere, the Australian dollar fell after data showed the economy grew 0.2% in the fourth quarter, below an expected 0.5% increase. The AUD/USD decreased 0.7% to 0.7027 while NZD/USD slipped 0.3% to 0.6770.

The pound was lower, with GBP/USD down 0.07% to 1.3165 as Prime Minister Theresa May continues to try to get her Brexit deal through Parliament. The euro rose, with EUR/USD up 0.10% to 1.1316.

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