U.S Dollar weakens against rivals after a December poor jobs report

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The U.S dollar slumped against major currencies on U.S trading session on Friday after a poor U.S. December jobs report was published by the Department of Labor, which sparked concerns for the Federal Reserve to taper its bond-buying program slower than once anticipated.


The U.S Department of Labor Statistics reported on Friday January 10 2014, that the U.S economy added 74,000 jobs in December 2013, which missed a 196,000 expectation from economist. However an improving revision of 241,000 from 203,000 was also reported from the previous month.


The report also showed that the U.S. unemployment rate fell to 6.7% down from 7.0% in November. Analysts had expected the rate to remain unchanged last month. This is due to a weak participation rate, rather than increased employment.


It had been reported earlier in December, that belt-tightening in Washington threw more than a million long-term unemployed Americans off the benefit rolls. This contributed to the fall in unemployment rate. However, a scheduled report on the Retail Sales of the U.S economy would be published on Tuesday, January 14 2014 which might weaken the dollar more if it comes out worse.


The greenback was down against the Euro, with EURUSD up 0.43% at 1.3667.

The dollar was down against the yen, with USD/JPY down 0.76% at 104.05, and down against the Swiss franc, with USDCHF down 0.40% at 0.9033.

The dollar also saw weakness in Australia and New Zealand, with AUD/USD up 1.08% at 0.8996 and NZD/USD trading up 0.56% at 0.830


The dollar was however up against its cousin in Canada, with USD/CAD up 0.48% at 1.0894, after a published disappointing figure from employment change and unemployment rate worsened respectively.

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