Dollar wounds after US jobs report

LONDON (Reuters) – The U.S. dollar nursed losses near 2-1/2 month lows on Monday as a disappointing U.S. employment report prompted investors to unwind their growing long positions in the greenback.

The United States created a little more than a quarter of the jobs that economists had forecast last month and the unemployment rate unexpectedly ticked higher, casting doubts that the Fed would consider advancing the time line of tightening policy in the coming months.

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The dollar index, which measures the greenback against six rivals, stood at 90.305, up 0.2% on the day, after dipping as low as 90.128 for the first time since Feb. 26 earlier in the session.

“The more erratic the recovery on the U.S. labour market, the longer the Fed will take to consider rate steps,” Commerzbank (DE:CBKG) strategists said in a note

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The British pound was the biggest gainer among the most-traded currencies, rallying 0.5% to $1.4067 the highest since Feb. 25, despite Scotland’s leader saying another referendum on independence was inevitable after her party’s resounding election victory.

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“The unexpected slow recovery in the U.S. labour market reinforces the FOMC’s patient approach to monetary policy.

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The Aussie dollar traded close to a more-than-two-month high at $0.7847, while Canada’s loonie rallied to a fresh 3-1/2-year high of $1.2111.

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