Dollar drops as employers add fewer jobs than expected in April

NEW YORK, May 3 - The dollar fell to a three-week low against the yen on Friday after data showed U.S. jobs growth slowed more than expected in April and annual wage gains cooled, boosting bets that the Federal Reserve will cut rates twice this year.

"The market at this point is so hoping that the Fed can cut rates this year and did not want one of the hot numbers coming in. Today's report certainly offers them a cooler read of the labor landscape," said Quincy Krosby, chief global strategist at LPL Financial in Charlotte."An unemployment rate of 3.9% is not something disastrous. This indicates an economy that is not declining dramatically, but it definitely indicates a looser labor market," said Pride.

The jobs report showed"solid" growth that slowed to a point that could make Fed officials more confident the economy is not overheating, Chicago Fed President Austan Goolsbee said on Friday. The greenback weakened 0.48% to 152.9 Japanese yen , reaching as low as 151.86, the weakest since April 10.

Source: Financial Digest (financialdigest.net)

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