Dollar reverses losses after May jobs data show growth

Dollar reverses losses after May jobs data show growth

The world’s reserve currency advanced in value on Friday against the common currency of the European Union and the Japanese yen after the globe’s largest economy delivered a strong jobs report for May, according to Bloomberg.

After slumping early during the Friday trade session, the U.S. dollar was propelled higher by data noting job creation registered at 217,000. The U.S. unemployment rate was intact at 6.3 percent.

The U.S. Federal Reserve is likely to continue slashing stimulus policy, according to Reuters. Janet Yellen, chief of the Fed, said the body is aiming to close the program by the end of this year.

“Today’s data I don’t think will change that bias from the Fed at all,” currency strategist Robert Lynch with HSBC Holdings Plc in New York told Bloomberg on Friday. “The market seems to side with the message the doves are presenting which is that policy is going to remain accommodative for a long long time. Those conditions are less helpful for the dollar.”

The U.S. dollar pushed ahead about 0.2 percent against both the 18-nation monetary unit and the Japanese yen.

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