(Bloomberg) -- The greenback recovered after touching its lowest in more than a week as US hiring advanced at the slowest pace since 2020 in October, impacted by storms and strikes. The pound was the best performer in the Group of 10.
- The Bloomberg Dollar Spot Index fell as much as 0.2% after posting its biggest monthly gain in more than two years; it later recovered and traded close to little changed on Friday
- US hiring advanced at the slowest pace since 2020 in October distorted by severe hurricanes and a major strike
- “Traders knew ahead of time that this data would be skewed toward the negative and are treating it with somewhat appropriate discernment,” said Helen Given, a foreign-exchange trader at Monex. “The dollar is a bit off its opening prices, but not necessarily to the extent that one might expect given such a dismal headline reading”
- “The USD could remain a buy on dips as we head into next week’s election,” said Valentin Marinov, head of Credit Agricole;s Group-of-10 FX strategy in London
- GBP/USD is up 0.4% to 1.2954
- A sharp selloff in UK bonds that sent borrowing costs to their highest in a year ran out of momentum on Friday
- USD/CAD fell 0.1% to 1.3918
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- USD/JPY rose 0.2% to 152.28
- EUR/USD gained 0.7% this week
- USD/CHF rose 0.3% to 0.8668; the Swiss franc was the worst performer in the group
- Swiss inflation slowed unexpectedly, strengthening the case for further interest-rate cuts and fueling worries of an undershoot of the central bank’s target
- Some information comes from FX traders familiar with the transactions who asked not to be identified because they aren’t authorized to speak publicly
Reporting by Anya Andrianova and Vassilis Karamanis
