Jobs Prompt Shift to Riskier Assets

The dollar whipsawed against the majors in early Friday trading following a key US labor report released for April. Traders initially bid the dollar higher on a better than expected reading in April non-farm payrolls, which improved by more than forecast, posting a loss of 539k jobs compared with calls for a loss of 600k payrolls versus an upwardly revised 699k loss in March. The April unemployment rate was in line with expectations, climbing to a fresh 25-year high at 8.9%, up from 8.5% from March. The better than anticipated payrolls figure prompted a move toward riskier assets as traders pushed the euro to a fresh one-month high against the greenback to the 1.36-level. Click to read full article