Dollar sinks following weak employment data

Dollar sinks following weak employment data

Missed expectations on heavily anticipated employment data sent the dollar into a tumble versus all peers. Unemployment rate edged higher to 6.1% and payrolls increased by 266K – well below the 1M expected. The miss sent treasury yields lower and translated to a weaker dollar.
"When things change inside you, things change around you." 
  • FX Rates
    May 7, 2021

    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

    The dollar slid to two-month lows following missed payroll estimates and unemployment rising to 6.1% versus 5.8% forecasted. The miss – and revised lower numbers for March put downward pressure on the US currency.

    The pound gained ground on USD weakness and the UK awaits results of the Scottish parliamentary elections.
    The euro strengthened versus the dollar as US payrolls disappoint. The common currency has gained 0.53% and is approaching monthly highs.
    Initial soft employment data out of Canada weakened the Canadian dollar until a massive miss on US employment data and a weakened dollar reversed the price action on the pair.

    USD/JPY dropped below 109 following US employment data. Despite the momentum on dollar weakness, the yen is among the worst performing currencies this week as Japan seeks to extend a state of emergency over Tokyo till the end of May.

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Kathryn Garvey
Kathryn Garvey

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