AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 131.00 Increased By ▲ 1.47 (1.13%)
BOP 6.95 Increased By ▲ 0.27 (4.04%)
CNERGY 4.56 Decreased By ▼ -0.07 (-1.51%)
DCL 8.95 Increased By ▲ 0.01 (0.11%)
DFML 42.60 Increased By ▲ 0.91 (2.18%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.80 Increased By ▲ 0.03 (0.09%)
FFBL 78.52 Increased By ▲ 3.05 (4.04%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.20 Decreased By ▼ -0.35 (-0.32%)
HUMNL 14.41 Decreased By ▼ -0.15 (-1.03%)
KEL 5.63 Increased By ▲ 0.24 (4.45%)
KOSM 8.45 Increased By ▲ 0.05 (0.6%)
MLCF 39.50 Decreased By ▼ -0.29 (-0.73%)
NBP 65.20 Increased By ▲ 4.91 (8.14%)
OGDC 200.75 Increased By ▲ 1.09 (0.55%)
PAEL 26.45 Decreased By ▼ -0.20 (-0.75%)
PIBTL 7.75 Increased By ▲ 0.09 (1.17%)
PPL 160.65 Increased By ▲ 2.73 (1.73%)
PRL 26.50 Decreased By ▼ -0.23 (-0.86%)
PTC 18.55 Increased By ▲ 0.09 (0.49%)
SEARL 82.61 Increased By ▲ 0.17 (0.21%)
TELE 8.19 Decreased By ▼ -0.12 (-1.44%)
TOMCL 34.37 Decreased By ▼ -0.14 (-0.41%)
TPLP 9.05 Decreased By ▼ -0.01 (-0.11%)
TREET 17.00 Decreased By ▼ -0.47 (-2.69%)
TRG 60.18 Decreased By ▼ -1.14 (-1.86%)
UNITY 27.70 Increased By ▲ 0.27 (0.98%)
WTL 1.41 Increased By ▲ 0.03 (2.17%)
BR100 10,693 Increased By 286.5 (2.75%)
BR30 32,041 Increased By 327.8 (1.03%)
KSE100 99,314 Increased By 1985.5 (2.04%)
KSE30 30,966 Increased By 773.2 (2.56%)

The dollar fell against the euro on Friday, after data showed US employers hired fewer workers than forecast in November, raising worries that US growth is moderating and the Federal Reserve may stop raising rates sooner than previously thought. Nonfarm payrolls increased by 155,000 jobs last month, while the unemployment rate was unchanged at near a 49-year low of 3.7 percent. Economists polled by Reuters had forecast payrolls increasing by 200,000 jobs in November.
Average hourly earnings rose six cents, or 0.2 percent in November after gaining 0.1 percent in October. That left the annual increase in wages at 3.1 percent, matching October's jump, which was the biggest gain since April 2009.
Fed policymakers are still widely expected to raise interest rates again at their Dec. 18-19 meeting, but the focus is on how many rate hikes will follow in 2019.
"This was slightly disappointing on the headline level, but wage growth coming in as expected keeps the Fed on track to raise rates in December," said Karl Schamotta, chief market strategist at Cambridge Global Payments in Toronto.
"The overall effect has been a sell-off in the dollar, largely in a reaction to a lower expectation for rate hikes in 2019," he said.
The euro was 0.32 percent higher against the dollar.
An index that tracks the greenback versus the euro, yen, sterling and three other currencies was down 0.24 percent at 96.579.
Interest rate futures implied traders see no more than one rate increase in 2019, compared with expectations a month earlier for possibly two rate hikes, according to CME Group's FedWatch program.
Federal Reserve Chairman Jerome Powell said last week that US interest rates were nearing neutral levels, which markets interpreted as signaling a slowdown in rate rises.
The US central bank is flagging a turning point in monetary policy, as a Federal Reserve policymaker on Friday backed interest rate hikes in the "near term" but nodded to increasingly less certainty ahead.
"The dollar looks set for more choppy trade as markets seek answers to whether the US economy is stronger or weaker than it thinks," Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington, said in a note.
Falling US yields, which have been chipping away at the yield differential advantage the greenback enjoyed earlier this year, have been another factor impeding the dollar's advance recently.
On a weekly basis, the dollar was down about 0.7 percent, set for its biggest drop in more than two months.
Sterling fell on Friday and was headed for a fourth consecutive week of losses as British Prime Minister Theresa May pressed ahead with plans for a parliamentary vote on her Brexit deal with the European Union, despite warnings it could topple her government.
The Canadian dollar strengthened against its US counterpart as higher oil prices and data showing a record increase in domestic jobs bolstered expectations for further interest rate hikes from the Bank of Canada.

Copyright Reuters, 2018

Comments

Comments are closed.