By Karen Brettell and Harry Robertson
NEW YORK/LONDON, July 2 (Reuters) - The dollar fell sharply on Thursday after the closely watched June employment report showed U.S. employers added far fewer jobs than expected, while the ****** anese yen surged as traders braced for possible intervention by ****** anese authorities.
Employers added 57,000 jobs, below economists' expectations for 110,000 job gains. Unemployment dropped to 4.2%, from 4.3%.
Markets quickly repriced their expectations for Federal Reserve policy. Fed funds futures traders now see a 54% chance of a rate hike by September, down from 67% before the report.
"It is weaker than expected, but the bulk of the numbers were in leisure and hospitality. That's probably driven more by seasonal factors than by anything else, so it's not very nefarious," Sarah Ying, head of FX strategy at CIBC Capital Markets, said.
NEW YORK/LONDON, July 2 (Reuters) - The dollar fell sharply on Thursday after the closely watched June employment report showed U.S. employers added far fewer jobs than expected, while the ****** anese yen surged as traders braced for possible intervention by ****** anese authorities.
Employers added 57,000 jobs, below economists' expectations for 110,000 job gains. Unemployment dropped to 4.2%, from 4.3%.
Markets quickly repriced their expectations for Federal Reserve policy. Fed funds futures traders now see a 54% chance of a rate hike by September, down from 67% before the report.
"It is weaker than expected, but the bulk of the numbers were in leisure and hospitality. That's probably driven more by seasonal factors than by anything else, so it's not very nefarious," Sarah Ying, head of FX strategy at CIBC Capital Markets, said.
4 months ago
