Dollar slips as North Korea tensions rise

India Infoline News Service | Mumbai | October 07, 2017 11:18 IST

The US dollar plummeted on Friday’s trade on a report that North Korea is preparing to test a long-range missile.

The US dollar plummeted on Friday’s trade on a report that North Korea is preparing to test a long-range missile, trimming earlier gains after the government’s jobs report for September showed an unexpected rise in wages.

The dollar earlier rose to a more than two-month high against the yen and seven-week high against the euro as wage data from the September labour market report was seen as a sign of potentially improving inflation.

Average hourly earnings increased 12 cents, or 0.5%, in September after rising 0.2% in August. The gains came as non-farm payrolls fell by 33,000 jobs last month after Hurricanes Harvey and Irma left displaced workers temporarily unemployed and delayed hiring.

The US dollar jumped as high as 113.43 yen, the highest level since July 14, before dropping to 112.67. The euro fell to USD 1.16, the lowest level since August 17, before rising back to USD 1.17.

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