Dollar trims gains, steady after upbeat U.S. jobs data

The dollar trimmed gains against other major currencies on Friday, but was expected to remain supported after the release of upbeat U.S. jobs data, while investors turned their attention to the French presidential vote this weekend.

The U.S. Labor Department said the economy added 211,000 jobs in April, beating expectations for an increase of 185,000. In March, 79,000 jobs were created, down from a previously estimated gain of 98,000.

The unemployment rate ticked down to 4.4% last month from 4.5%, compared to expectations for a rise to 4.6%.

The report also showed that average hourly earnings rose 0.3% in April, in line with expectations.

EUR/USD was little changed at 1.0977, not far from a six-month peak of 1.0990 hit overnight.

The single currency had strengthened broadly after polls declared that Emmanuel Macron won a TV presidential debate against Marine Le Pen late Wednesday, increasing the likelihood of a Macron victory at the runoff vote on Sunday.

GBP/USD rose 0.24% to 1.2952, not far from the previous session’s one-week high of 1.2970.

USD/JPY held steady at 112.47, while USD/CHF gained 0.24% to 0.9885.

The Australian dollar remained weaker, with AUD/USD down 0.27% at 0.7389, while NZD/USD rose 0.33% to trade at 0.6893.

The Reserve Bank of New Zealand earlier reported that inflation expectations ticked up to 2.2% in the second quarter from 1.9% in the three months to March.

Meanwhile, USD/CAD gained 0.20% to 1.3778, hovering just below a fresh 15-month peak of 1.3794.

Statistics Canada said the number of employed people rose by 3,200 in April, disappointing expectations for an increase of 10,000 and after a 19,400 gain the previous month.

The unemployment rate ticked down to 6.5% last month from 6.7%, compared to expectations for an unchanged reading.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 98.61, not far from Thursday’s six-month trough of 98.56.