08:53 AM EDT, 05/03/2024 (MT Newswires) -- The US dollar fell heavily against all major trade partner currencies in early North American trade on Friday after the non-farm payrolls, hourly earnings and unemployment figures all missed expectations for April.

Non-farm payrolls rose 175,000 in April, down from 303,000 previously and below a consensus that had looked for a 238,000 increase, while the unemployment rate rose to 3.9% from 3.8% previously. Consensus was for an unchanged jobless rate.

Average hourly earnings also underwhelmed expectations, rising 0.2% in April, down from 0.3% previously and below the consensus for a steady 0.3% increase. Annual pay growth fell to 3.9% from 4.1%, below expectations for a 4% increase.

Rates implied by Federal Funds rate futures fell following the release with the December 2024 contract sliding 12 basis points to 4.88%, from 5.01% previously, suggesting traders again see scope for multiple Federal Reserve rate cuts by year-end.

The data and market reaction comes after Federal Reserve Chairman Jerome Powell said on Wednesday that an unexpected weakening of the labor market is one of two scenarios in which the central bank could still cut interest rates in the months ahead.

EUR/USD rallied more than 60 points to 1.0812 following the release, from 1.0750 previously, leaving it up 0.70% on the day. GBP/USD climbed to 1.2635 from 1.2565 previously, making for a 0.68% intraday gain. USD/JPY was quoted 0.67% lower at 152.15 after falling from 153.20 and USD/CAD was 0.34% lower at 1.3619 after falling from 1.3661.