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US employment data released on Friday fell far short of expectations as the economy added just 235,000 jobs in August. Economists polled by Dow Jones had sought 720,000 new hires.

Meanwhile, in line with estimates, the unemployment rate fell from 5.4% to 5.2%.

“In our view, the setback in the labor market recovery and the rise in serious Covid infections will cause the FOMC to wait before announcing it will reduce its monthly security purchases. We now expect the FOMC to reduce its monthly security purchases by 10 billion at its November 3rd meeting, “Commonwealth Bank of Australia analysts wrote in a Monday note.

US markets are closed on Monday for the Labor Day holiday.

Currencies and oil

The US dollar index, which tracks the greenback versus a basket of its competitors, hit 92.164 after falling over 92.4 recently.

The Japanese yen was trading at 109.81 per dollar, stronger than the 110.1 levels seen against the greenback last week. The Australian dollar changed hands at $ 0.7433 after falling below $ 0.732 last week.

Oil prices were lower on the morning of Asian trading hours, with international benchmark Brent crude oil futures falling 0.91% to $ 71.95 a barrel. The US crude oil futures fell 0.88% to $ 68.68 a barrel.