U.S. dollar slumps on weak jobs data

The U.S. dollar dropped against other major currencies on Friday as jobs data from the country came out far below expectations.

The U.S. total nonfarm payroll employment increased by 38,000 in May, well below the market consensus of 158,000 and notching the fewest monthly job gain in almost six years, the Labor Department reported Friday.

Analysts believed that a June rate-hike is practically off the table after the disappointing jobs report.

The dollar index, which treasures the greenback against six major peers, was down 1.58 percent at 94.050 in late trading.

Meanwhile, the U.S. Commerce Department announced Friday that the goods and services deficit was 37.4 billion dollars in April, up 1.9 billion dollars from 35.5 billion dollars in March, revised.

The U.S. non-manufacturing index registered 55.7 percent in May, 2.8 percentage points lower than the May reading of 55.7 percent, the Institute Supply Management (ISM) reported Friday.

In late New York trading, the euro rose to 1.1340 dollars from 1.1152 dollars of the previous session, and the British pound increased to 1.4515 dollars from 1.4430 dollars. The Australian dollar went up to 0.7354 dollars from 0.7226 dollars.

The dollar bought 106.74 Japanese yen, lower than 108.84 yen of the previous session. The dollar slipped to 0.9769 Swiss francs from 0.9902 Swiss francs, and it inched down to 1.2939 Canadian dollars from 1.3112 Canadian dollars. Enditem