The US dollar dipped to a three-week low against the Japanese yen on Friday following reports of US jobs and wage growth slowed in April, increasing bets that the Federal Reserve will implement rate cuts twice this year.

US Dollar Slips After Reports of Slower Job Growth

According to Reuters, employers added 175,000 jobs in April, which fell short of the expected 243,000 increase. Additionally, wage gains moderated to 3.9% annually, slightly below the anticipated 4.0% rise. The unemployment rate surged to 3.9%, maintaining a level below 4% for the 27th consecutive month.

Quincy Krosby, chief global strategist at LPL Financial in Charlotte, told Reuters that the report offers the Fed "a cooler read of the labor landscape." However, the outlet reported that the data itself would not likely sway Fed policy unless the trend persists.

Jason Pride, chief of investment strategy and research at Glenmede in Philadelphia, told Reuters that the unemployment rate of 3.9% "indicates an economy that is not declining dramatically, but it definitely indicates a looser labor market." He added that "it gives the Fed some hope, but it does not establish the trend for them."

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US Dollars vs. Japanese Yen

Following the release of data, Fed funds futures traders increased bets that the Fed would cut interest rates twice this year, with 47 basis points of easing priced in compared to 42 basis points before the report. 

According to Reuters, the US dollar index was last down 0.27% at 105.03 after slipping to 104.52, the lowest since April 10. The dollar weakened 0.48% to 152.9 Japanese yen, dropping as low as 151.86, the weakest since April 10. 

The Japanese yen reportedly soared late Wednesday and Monday, which analysts attributed to Japanese authorities' intervention.

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