Flat dollar fails to make much ground on euro despite strong jobs data in US

The US dollar was nearly flat against the euro yesterday despite the stronger-than-expected US monthly jobs data, as markets continued to digest Thursday’s unexpectedly small stimulus from the ECB.

While analysts said the data was strong enough to confirm that the Federal Reserve would hike US interest rates this month for the first time in nearly a decade, they said it failed to fuel a dollar rally against the euro given the ECB’s decision.

“There was so much pain in the market yesterday that the willingness to act has been relatively subdued,” said Sebastien Galy of Deutsche Bank in New York.