The dollar weakened as the US employment report was disappointing

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      The dollar fell against the euro on Friday after data showed that non-farm job growth in November was lower than expected, raising fears that U.S. economic growth was slowing and that the Federal Reserve (FED) might suspend interest rate hikes ahead of schedule.
The number of non-farm jobs increased by 155,000 last month, and the unemployment rate remained at a low of 3.7% in recent 49 years. Analysts surveyed by Reuters had expected 200,000 jobs to be added in November.
Average hourly wages rose by $0.06, or 0.2%, in November and 0.1% in October. Salaries grew by 3.1% annually, the same rate as in October, the biggest increase since April 2009.
It is widely expected that Federal Reserve policy makers will raise interest rates again at the meeting from December 18 to 19, but the focus of the market is on the number of interest rate increases in 2019.
"The overall data are slightly disappointing, but salary growth is as expected, keeping the Fed on track for December rate hikes," said Karl Schamotta, chief market strategist at Cambridge Global Payments.
"The overall impact is the sell-off of the dollar, mainly in response to lower expectations for interest rate hikes in 2019," he said.
The euro rose 0.32% against the dollar.
The dollar index fell 0.24% to 96.579.
According to CME Group's FedWatch tool, the trend of interest rate futures implies that traders expect to raise interest rates no more than once in 2019, compared with two possible increases a month ago.
Federal Reserve Chairman Bauer said last week that U.S. interest rates are close to neutral levels, and the market interpretation is that this implies that interest rate hikes will slow down.
A Federal Reserve policymaker supported a "near-term" interest rate hike on Friday, but acknowledged that future certainty was getting lower and lower, suggesting that monetary policy was close to the inflection point.
"As markets look for answers to whether the U.S. economy will be stronger or weaker than expected, it looks like the future of the dollar will be more volatile," Joe Manimbo, senior market analyst at Western Union Business Solutions, said in a report.


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