Dollar Briefly Spikes Against Rivals After April Jobs Report

By Joseph Adinolfi Markets MarketWatch Pulse

The greenback briefly spiked on Friday after the U.S. economy created 211,00 jobs in April. However, it soon pared those gains as disappointing data from March were revised even lower. The greenback shot to 112.73 yen immediately after the data were released, but it soon returned to 112.47, where it had traded late Thursday in New York. The euro skidded to $1.0949 after the data, though it soon pared most of that drop, with one euro buying $1.0978 in recent trade, compared with $1.0984 late Thursday in New York. The pound remained higher after the data, buying $1.2952, compared with $1.2923 late Thursday. Economists polled by MarketWatch had expected the economy to create 190,000 jobs in April. The data also showed that the unemployment rate dipped to a new postrecession low at 4.4%. Wage pressures eased slightly, as hourly pay increased 2.5% in the 12 months leading up to April 2017, down from an annualized rate of 2.6% in March.

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