US jobs grow, but less than expected, dollar lower, stocks higher

US jobs grow, but less than expected, dollar lower, stocks higher

US Nonfarm Payroll for May of 559K was much better than April’s revised 278K, but less than 675K expected. The unemployment rate fell to 5.8%. Markets consolidated this week, as traders awaited today’s US jobs data for direction. The dollar is broadly lower, stocks higher and US Treasury yields lower. Traders now await a string of major central bank meetings over the next two weeks to learn how each is addressing higher inflation expectations.

“Life is what happens when you’re busy making other plans.”
John Lennon
  • FX Rates
    June 4, 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 is lower across the board, falling between 0.25%-0.75% versus the major currencies. May’s US Jobs data showed growth over April, but by less than expected.


    Th UK pound is higher on broad dollar weakness and following upbeat UK jobs data. According to consultant KPMG, UK companies are hiring at the fastest pace in 23 years after the government reopened the economy.


    The euro is higher by about 0.33% overnight, fueled by this morning’s US jobs data. Eurozone Retails Sales for April released this morning were a disappointment, falling by 3.1% MoM, much worse than expectations of -1.5% and March’s +2.7%. Traders await next week’s GDP and Employment data for the Eurozone.


    The Canadian dollar gained versus the US dollar, but underperformed its peer currencies. Released this morning, Canadian jobs data for May came in weaker-than-expected, attributed to government restrictions to contain a third Covid wave over April/May.


    The Chinese yuan gained slightly overnight, but only after a bout of earlier weakness which had taken USD/CNY over 6.41. China’s central bank has been taking steps to contain the rally in the CNY, which may result in consolidation over the foreseeable future.

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.

Scott Petruska
Scott Petruska

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.

Daily FX Update: Dollar gains on “triple-witching”


Dollar takes back yesterday’s losses


Daily FX Update: Safe-haven yen and Swissie gain as dollar loses


Daily FX Update: Dollar sinks on weak inflation


Daily FX Update: Dollar gains ahead of tomorrow’s CPI data


Daily FX Update: Dollar slides to end week, equities stronger