Forex – Dollar Turns Negative, GBP/USD Falls to 4-Week Low

© Reuters.

Investing.com – The dollar fell against a basket of major currencies on Friday after a mixed jobs report showed U.S. job creation fell last month but better-than-expected wage growth suggested that a tightening labor market could strengthen inflation limited downside momentum.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.07% to 93.70.

As was widely expected hurricanes Harvey and Irma disrupted labor market activity over the last month as Nonfarm payrolls fell by 33,000 in September, missing of 90,000.

The fell to 4.2% while topped expectations, rising 0.5% from the previous month. That fuelled expectations that a tighter labor market would spark a rebound in inflation, strengthening the Fed’s position to hike rates later this year.

Atlanta Fed President Raphael Bostic remained adamant that the US central bank should raise rates again by the end of the year.

“We, in our forecasts of movements for the year, had said we expected three hikes in the course of 2017. I am still in that space,” Atlanta Fed President Raphael Bostic told Reuters in an interview on the sidelines of a Fed conference in Austin, Texas.

Losses in dollar were limited by a slump in the pound following speculation concerning the future of UK Prime Minister Theresa May after former Conservative Party chairman Grant Shapps urged fellow Tories to join the revolt against May.

fell by 0.49% to $1.3054.

gained 0.11% to $1.1724 while fell to 0.8981, up 0.62%.

slipped 0.12% to C$1.2551 while lost 0.06% to Y112.74.

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