SINGAPORE, May 5 (Reuters) – The dollar gave back earlier gains against the euro but stayed stronger against the yen on Friday after jobs gains and wage growth for April beat economists’ forecasts but showed downward jobs revisions for March.
Employers added 253,000 jobs, beating economists’ forecasts for a 180,000 gain. U.S. average hourly earnings rose at an annual rate of 4.4%, above expectations for a 4.2% increase.
But data for March was also revised lower to show 165,000 jobs added instead of 236,000 as previously reported.
“The headline number is probably not as strong as it looks given the backward revisions,” said Vassili Serebriakov, an FX strategist at UBS in New York.
The initial move up in the greenback was likely in part due to investors who were short the currency, or betting it would fall, covering their positions, he added.
The dollar has fallen from a 20-year high last September as…
