US Jobs data weaker than expected, dollar softer

US Jobs data weaker than expected, dollar softer

The dollar gave up 0.4% following January employment data which saw non-farm payrolls missing expectations. However, risk-on sentiment surrounding stimulus progress, vaccine deployment and strong earnings boosted equities. G-10 peers gained on a softer dollar ahead of the weekend.

“The need for change bulldozed a road down the center of my mind.”

—Maya Angelou
  • FX Rates
    February 5, 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 US dollar fell following weaker than expected non-farm payrolls for January and unemployment printing 6.3% versus an expected 6.7%. In an early morning vote, the Senate voted along party lines to back a $1.9 trillion package. The resolution will now go back to the House, where the Democratic majority does not require Republican support.


    The pound rose slightly on the softer dollar consolidating in the center of the one-month band. As Covid-19 deaths in the UK top 110k, former health secretary Jeremy Hunt has warned that restrictions shouldn’t be lifted until cases are below 1,000 a day - despite hopes that cases have hit their peak.


    After dipping below 1.20 yesterday, the euro regained lost ground and rose for the first time this week. The pair remains healthily above the 200-DMA.


    The Canadian currency gained a little ground versus the softer greenback as both countries reported employment data and oil prices rose to 1-year highs. Canada data showed 212K jobs lost in January – the largest monthly decline since April. Unemployment rate rose to 9.4%, missing expectations of 8.9%.


    A softer dollar loses some ground versus the Japanese yen, but the pair remains above the 200-DMA for the first time since June.

    The yuan sits lower versus the dollar on positioning ahead of the Lunar New Year.

Contact Us

For more analysis on FX markets or information regarding SVB's FX services:

Contact your respective SVB FX Advisor or the SVB FX Advisory Team at
See all of SVB's latest FX information and commentary at

Subscribe to receive the Daily FX Update in your inbox.

By providing your email address and clicking on the Subscribe button below, you consent to receive emails from Silicon Valley Bank for your chosen categories. You also consent to the terms of our Privacy Notice. If you have privacy questions, you may contact us at You can withdraw your consent at any time.

Kathryn Garvey
Kathryn Garvey

Insights from SVB Industry Experts

SVB experts provide our customers with industry insights, proprietary research and insightful content. Check out these related articles that may be of interest to you.

US dollar reversed two-day decline following broader risk sentiment


Daily FX Update: USD remains under pressure as markets maintain risk appetite


Daily FX Update: Risk-on trading supports commodity-linked currencies


Daily FX Update: Inflation concerns push the USD higher


Dollar gains vs. other safe havens


Dollar trades at lowest in 2 weeks