The U.S. economy added 209,000 jobs last month, sending the dollar tumbling nearly 1% against a basket of currencies while the yen and sterling surged.
The dollar was on the back foot on Monday after a miss in U.S. jobs data scaled back market expectations on how much further theThe U.S. economy added 209,000 jobs, data on Friday showed, marking the smallest increase in 2-1/2 years and the first time in 15 months that payrolls missed expectations.
That sent the dollar tumbling nearly 1% against a basket of currencies on Friday while the yen and sterling surged.last bought 142.30 per dollar in early Asia trade on Monday, having jumped 1.4% on Friday in the wake of the greenback's decline and a slump in U.S. Treasury yields. The dollar/yen pair is particularly sensitive to U.S. yields as interest rates in Japan are anchored near zero.
"I suspect you got a market that was going into high on expectations ... so with that in mind, people pared back some of those dollar longs," said Chris Weston, head of research at Pepperstone. "We've also seen large inflows back into the yen as well, we've seen some people looking to cover some of those yen shorts."
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