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3 August

By Ahmed Mamdouh

Category: Forex News

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US NFP gives mixed signs, dollar slides

The U.S. dollar retreated slightly against major currencies on Friday after the U.S. jobs report showed mixed signs about the labor market last month.

The non-farm figures signaled lower than forecast job creation pace in July, acceleration in wage growth and drop in the unemployment rate. 

Analysts predicted a job creation of 191,000 jobs, but the reading showed 157,000 jobs added, from an upwardly revised of 248,000 job-gain in June, which was 213,000 before revision.

Unemployment rate retreated to a record low of 3.9 percent from 4.0 percent, moving in line with forecasts.

The average hourly earnings gained 0.3 percent last month, matching forecasts, to a downwardly revised of 0.1. That kept the annual earnings growth at 2.7 percent.

The dollar index fluctuated to hover near 94.84 after the data, easing from the session’s top of 95.18.

Perhaps the dollar was more affected by another report, which showed U.S. trade deficit widened in June for the first time in four months to $46.3 billion from $43.2 billion in May.

Ahmed Mamdouh

Ahmed Mamdouh is the head of the English Fundamental Analysis at D1stp.com, with 9 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.