Dollar dips after mixed US jobs report

November 10, 2014 | 08:54

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The dollar weakened against other major currencies on Friday (Nov 7) after a mixed US jobs report did little to change expectations of a change in the Federal Reserve's interest rate outlook.

File photo showing US dollars. (AFP/Juan Barreto)

NEW YORK: The dollar weakened against other major currencies on Friday (Nov 7) after a mixed US jobs report did little to change expectations of a change in the Federal Reserve's interest rate outlook.

The Labor Department reported the economy added 214,000 jobs last month, weaker than the 235,000 consensus analyst estimate. But the previous two months' job gains were revised upward by a total of 31,000, and the department said the unemployment rate slipped a tenth of a percentage point to 5.8 percent, a six-year low.

Analysts said although the report marked the ninth straight month of job growth above 200,000, it was not strong enough to prod the Federal Reserve to shift from its plan to keep interest rates low well into 2015.

"The data did not stoke up fears of the Fed being in a rush to hike the fed funds rate," Briefing.com said in a market note.

Vassili Serebriakov, of French bank BNP Paribas in New York, said the report should keep the Fed on track to hike interest rates "as expected, around mid-2015."

AFP

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