The U.S. dollar was seen trading weaker on Friday despite a broadly positive jobs report. The U.S. economy was seen adding 213k jobs during the month of May with revisions to previous two months of data showing a net gain of 37,000.
The Greenback weakened after the unemployment rate ticked higher to 4.0% on a modestly higher participation rate. This suggested that more people were looking for jobs. Wage growth was seen subdued, rising just 0.2% on the month missing estimates of a 0.3% increase.
Elsewhere, Canada’s jobs report showed that the economy added 31.8k jobs but the unemployment rate had ticked higher from 5.8% to 6.0%
Following a busy Friday, the markets open this week on a quiet note. The German trade balance numbers are coming up during the European trading session. Among central bank speeches, the MPC member, Broadbent is expected to speak.
The Eurozone Sentix investor confidence report will be coming out later in the day.
Economic data from the NY trading session is quiet with only the U.S. consumer credit report scheduled.
In the U.S. the payrolls report is expected to show that the economy added 195k jobs on the month, marking a slower pace compared to the 223k jobs added the month before. The U.S. unemployment rate is expected to hold at 3.8% and the wage growth is forecast to rise 0.3% on the month.
