Market News
US dollar sags after weaker-than-expected jobs data, Fed's Powell comments - REUTERS
Summary
- Companies
- US payrolls rise to 151,000 in February, lower than expected
- US wage earnings growth slows
- US rate futures price in three rate cuts in 2025
- Euro on pace for best weekly gain in 16 years
- Fed's Powell says cenbank in no rush to cut rates
NEW YORK, March 7 (Reuters) - The U.S. dollar dropped to multi-month lows against the euro and yen and fell versus most currencies on Friday after data showed the labor market in the world's largest economy slowed last month, creating fewer jobs than expected.
The report suggested that the Federal Reserve remained on track to cut interest rates multiple times this year. U.S. rate futures on Friday priced in 78 basis points (bps) of easing this year following the nonfarm payrolls report, or about three rate cuts of 25 bps each, according to LSEG calculations. The first rate reduction is likely to resume in June.
