Dollar flat after U.S. jobs data, yen falls after BOJ meeting

Dollar flat after U.S. jobs data, yen falls after BOJ meeting
* Biggest U.S. jobs gain in 1-1/2 years offsets meager wage
* Bank of Japan pushes back on notion of reduced stimulus
* Yen on back foot as Trump, North Korea meeting eases
* Euro remains pressured in the wake of Draghi's cautious

(New throughout, updates prices and market activity)
By Richard Leong
NEW YORK, March 9 (Reuters) - The dollar was little changed
against a basket of currencies on Friday as monthly U.S. job
growth data was its strongest in over 1-1/2 years while wage
gains slowed more than expected, supporting the view the Federal
Reserve would not quicken its pace on raising interest rates.
The yen fell broadly after the Bank of Japan stuck to its
dovish policy stance. BOJ Governor Haruhiko Kuroda sounded
optimistic on growth, yet stressed there would be no plan to
change monetary policy before reaching a 2 percent inflation
The U.S. Labor Department said nonfarm payrolls grew by
313,000 in February, the largest monthly increase since July
2016, but average hourly earnings rose only 0.1 percent, slower
than the 0.3 percent increase in January and less than the 0.2
percent analysts had forecast.
Traders bet a tightening labor market would buttress the
case for the Fed to raise key borrowing costs later this month
and possibly two more times later this year, but the pullback in
wage gains should mitigate against four rate hikes in 2018.
"While this is good news for the U.S. economy, this doesn’t
change anything with the Fed. The path of three rate hikes stays
as our base case," said Chuck Tomes, senior trader at Manulife
Asset Management in Boston.
The payrolls report may bolster the greenback in the short
term, but trade tensions from U.S. President Donald Trump's
steel and aluminum tariffs should be a longer-term drag, as
should faster growth outside the United States, Tomes said.

The index that tracks the dollar against six major
currencies fell 0.038 point or 0.04 percent, to 90.141.
The euro was down 0.03 percent, at $1.2306.
The single currency also fell on Thursday as European
Central Bank President Mario Draghi said regional inflation
remained subdued and rising protectionism was a risk.

The dollar advanced to a one-week peak against the yen as
the BOJ stuck to its negative rate policy on Friday and BOJ
chief Kuroda, like Draghi, warned about the risk of rising
protectionism and inflation staying sluggish.
The yen also succumbed to traders scaling back safe-haven
holdings of the Japanese currency on news Trump was prepared to
meet with North Korea's Kim Jong Un, a potential breakthrough in
nuclear tensions with Pyongyang.
The dollar was last up 0.57 percent, at 106.81 yen,
while the euro was up 0.54 percent, at 131.46 yen.
Currency bid prices at 3:15PM (2015 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Euro/Dollar EUR= $1.2306 $1.2310 -0.03% +2.58% +1.2334 +1.2274
Dollar/Yen JPY= 106.8000 106.2000 +0.56% -5.21% +107.0400 +106.1800
Euro/Yen EURJPY= 131.45 130.76 +0.53% -2.76% +131.8900 +130.7100
Dollar/Swiss CHF= 0.9512 0.9510 +0.02% -2.37% +0.9533 +0.9489
Sterling/Dollar GBP= 1.3841 1.3810 +0.22% +2.43% +1.3888 +1.3789
Dollar/Canadian CAD= 1.2830 1.2894 -0.50% +2.01% +1.2908 +1.2815
Australian/Doll AUD= 0.7845 0.7789 +0.72% +0.56% +0.7853 +0.7778
Euro/Swiss EURCHF= 1.1707 1.1708 -0.01% +0.15% +1.1727 +1.1679
Euro/Sterling EURGBP= 0.8889 0.8913 -0.27% +0.07% +0.8926 +0.8876
NZ Dollar/Dolar NZD= 0.7284 0.7262 +0.30% +2.79% +0.7297 +0.7251
Dollar/Norway NOK= 7.7724 7.8383 -0.84% -5.30% +7.8472 +7.7661
Euro/Norway EURNOK= 9.5666 9.6507 -0.87% -2.86% +9.6641 +9.5661
Dollar/Sweden SEK= 8.2364 8.2553 -0.42% +0.42% +8.2762 +8.2274
Euro/Sweden EURSEK= 10.1360 10.1789 -0.42% +3.02% +10.1839 +10.1390

(Additional reporting by Saikat Chatterjee in London; editing
by Jonathan Oatis and David Gregorio)

First Published: 2018-03-09 04:00:35
Updated 2018-03-09 22:32:01

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