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The dollar rises against world currencies after the release of Non-Farm Payrolls


May, 05 2023
watermark Economic news

On Friday evening, the dollar is rising against major world currencies, including the euro and the yen, after the release of statistics on the labor market of the United States. 


Paired with the euro, the dollar rose to the level of 1.0967. The dollar/yen exchange rate rose to the level of 135.12. And the dollar index (the exchange rate against a basket of currencies of six US trading partner countries) rose by 0.17% to 101.57 points.


Macro statistics on unemployment in the US last month were published today. According to the Ministry of Labor, unemployment in April unexpectedly fell to 3.4% from the March level of 3.5%, while analysts expected an increase to 3.6%. And the number of people employed in non-agricultural sectors of the economy increased by 253 thousand instead of the expected 180 thousand. Strong statistics provided significant support to the US currency. 


Macro data on the labor market is one of the most important indicators for the US Federal Reserve System (FRS) when deciding on monetary policy. After the statistics were published, 97.2% of analysts began to expect the rate to remain at the current level of 5-5.25% per annum in June. The remaining 2.8% allow it to increase by 25 basis points.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.