European Currencies Retreat on Good U.S. Jobs Report, Though Wages Remain Weak

The euro edged down around 0.2% versus the dollar immediately after the release of stronger-than-expected U.S. nonfarm payrolls data for July. The British pound was also weaker, losing around 0.4% to the dollar after the data hit the tape. Both currencies already were trading lower for the day.

The stronger-than-anticipated employment number, at 209,000 new jobs versus expectations of 180,000,  and low unemployment rate of 4.3% point convincingly enough to another Fed interest rate hike coming sooner rather than later. But wage growth was mediocre. Average hourly earnings inched up 0.3% in July from June, a little bit higher than June's 0.2% pace of growth. Year on year, they were up 2.5%, the same as in June....413 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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