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The dollar fell after US jobs data came in short of expectations

Jobs numbers out of the US disappointed coming in 15K shy of expectations with a miss in wage growth. The dollar was sent lower on the news. Canadian jobs data came in ahead of expectations sending the loonie higher versus the greenback. Phase I of the US-China trade deal is set to be inked next week adding risk-on sentiment to the market.

 “The only person you should try to be better than is who you were yesterday.”
– Unknown
  • FX Rates
    January 10, 2020

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.

  • USD

    After three days of gains, the greenback sank after US employment numbers for December disappointed showing payrolls rising 145K – 15K short of estimates. Average hourly earnings showed an increase of 2.9% YOY versus 3.1% expected. Unemployment rate held steady at 3.5%.


    After a slight drop yesterday following BoE governor Carney’s dovish comments, the pound recouped some losses driven mostly by a miss in US jobs data.


    The euro rose briefly 0.1% to 1.114 session highs and was slowed by large 1.11 expiries over the next few days. The euro was driven higher also on a drop in the dollar due to a miss on US payroll numbers.


    Strong job numbers out of Canada drove the loonie higher. Employment rose 35.2K in December smashing expectations of 20K. Unemployment also dropped from 5.9% to 5.6%.


    The safe-haven Japanese yen weakened amid expectations that phase I of US-China trade pact will be signed next week leading to an increase in risk appetite.

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About the Author

Kathryn Garvey is a foreign exchange Associate for Silicon Valley Bank’s global financial services group and has been with SVB since July of 2018. Prior to SVB Kathryn completed co-op internships at Innosight, Market Metrics, and The TJX Companies.

Garvey graduated from Northeastern University in 2018 with a bachelor’s degree in finance, and marketing with elective coursework in entrepreneurship and innovation from Northeastern University.

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