November 15, 2021

Dented by jobs miss, dollar teeters ahead of CPI

A set of US dollar banknotes are fanned out for a photo.

Igor Golovniov | SOPA Images | LightRocket via Getty Images

The U.S. dollar began the week under gentle pressure, after a second consecutive month of softer-than-expected U.S. jobs data reversed its recent attempts at a rally, as focus shifted to inflation figures and a European Central Bank meeting.

Friday jobs readout, which showed U.S. non-farm payrolls increasing by 559,000 in May, missed market expectations by nearly 90,000 and seemed to cool worries that the recovery was running hot enough to require early tapering of policy support.

After the data, the dollar unwound a broad bounce, and on Monday it opened in Asia near where it finished the week. A euro bought $1.2165, about 0.5% below the three-week high of $1.2104 it had struck on Friday.

The Australian and New Zealand dollars were back above 77 cents and 72 cents,…

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