News: FOREX-Dollar jumps as U.S. job gains, wage growth beat expectations

(Adds quotes in paragraphs 4 and 8, details from employment report in paragraph 3, updates prices)

The dollar jumped on Friday after data showed that U.S. employers added more jobs than expected in April, while wages also grew more than economists' anticipated.

Employers added 253,000 jobs, above economists' forecasts for a gain of 180,000. U.S. average hourly earnings rose at an annual rate of 4.4%, above expectations for a 4.2% increase.

But data for March was also revised lower to show 165,000 jobs added instead of 236,000 as previously reported.

“I think the headline number is probably not as strong as it looks given the backward revisions,” said Vassili Serebriakov, an FX strategist at UBS in New York.

Friday’s jump in the dollar after the data is also likely in part due to investors who were short the greenback, or betting it would fall, covering their positions, he added.

The dollar has fallen from a 20-year high last September as investors adjust for the likelihood that the Federal Reserve is at or near the end of its tightening cycle and may begin cutting interest rates if the economy continues to slow.

While the U.S. economy is slowing, however, there are still pockets of strength, which is making investors hesitant to get too bearish on the currency for now.

"In the near term it's hard to get a lot of momentum until we have a more clear directional signal from U.S. data," said Serebriakov. "For us the resolution ultimately is for consistently weaker U.S. data and a weaker dollar ultimately and a more dovish Fed."

Fed funds futures traders are pricing in around 78 basis points of cuts by year-end. The Fed raised rates by 25 basis points to 5% to 5.25% on Wednesday and dropped from its policy statement language saying that it "anticipates" further rate increases would be needed. FEDWATCH

The dollar index =USD hit a session high of 101.77 and the euro EUR=EBS fell to $1.0967. The dollar also jumped to 135.13 against the Japanese yen JPY=EBS .

Inflation data due next week is the next major U.S. economic focus.

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	Currency bid prices at 9:26AM (1326 GMT) 

 Description	  RIC		 Last		   U.S. Close  Pct Change	 YTD Pct	   High Bid	Low Bid 
											  Previous				   Change					
											  Session											  
 Dollar index	  =USD	   101.5800	   101.3400	+0.24%		 -1.846%	   +101.7700   +101.1100 
 Euro/Dollar	   EUR=EBS	$1.0986		$1.1014	 -0.25%		 +2.53%		+$1.1048	+$1.0967 
 Dollar/Yen		JPY=EBS	134.8500	   134.2650	+0.44%		 +2.85%		+135.1150   +133.8800 
 Euro/Yen		  EURJPY=	148.14		 147.87	  +0.18%		 +5.60%		+148.2700   +147.6900 
 Dollar/Swiss	  CHF=EBS	0.8943		 0.8859	  +0.95%		 -3.28%		+0.8972	 +0.8836 
 Sterling/Dollar   GBP=D3	 $1.2583		$1.2575	 +0.09%		 +4.07%		+$1.2634	+$1.2559 
 Dollar/Canadian   CAD=D3	 1.3461		 1.3540	  -0.58%		 -0.64%		+1.3539	 +1.3460 
 Aussie/Dollar	 AUD=D3	 $0.6713		$0.6694	 +0.31%		 -1.50%		+$0.6744	+$0.6689 
 Euro/Swiss		EURCHF=	0.9823		 0.9756	  +0.69%		 -0.73%		+0.9849	 +0.9754 
 Euro/Sterling	 EURGBP=	0.8729		 0.8759	  -0.34%		 -1.30%		+0.8767	 +0.8730 
 NZ				NZD=D3	 $0.6271		$0.6279	 -0.09%		 -1.20%		+$0.6316	+$0.6265 
 Dollar/Dollar																					 

 Dollar/Norway	 NOK=D3	 10.6040		10.6910	 -0.80%		 +8.07%		+10.6870	+10.5800 
 Euro/Norway	   EURNOK=	11.6480		11.7663	 -1.01%		 +11.00%	   +11.7903	+11.6497 
 Dollar/Sweden	 SEK=	   10.2140		10.2431	 -0.53%		 -1.86%		+10.2621	+10.1849 
 Euro/Sweden	   EURSEK=	11.2210		11.2807	 -0.53%		 +0.64%		+11.2945	+11.2213