Dollar down as jobs data dents chance of hike

Caitlin Morrison
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THE DOLLAR fell against other major global currencies yesterday after data revealed that private sector hiring slowed sharply in July, dampening expectations of an interest rate hike in September.

US Federal Reserve chief Janet Yellen last week reiterated that she is looking for improvement in the jobs market before voting for the first interest rate rise in nine years.

However, data from payroll firm ADP yesterday showed that private employment in the US rose by 185,000 last month, below an expected increase of 215,000.

Standard Chartered economist Thomas Costerg said the set of data suggests “that September is not yet a done deal”.

“It seems the Fed remains entrenched in its wait-and-see mode,” he added.