08/02/2014 08:51 AST

The dollar is losing ground against its major European competitors on Friday and is paring its gains against the Japanese Yen. The U.S. jobs report for January demonstrated weaker than expected growth in employment, but the unemployment rate unexpectedly declined. Many investors believe the Fed will be able to continue to wind down its asset purchases.

U.S. job growth accelerated in the month of January compared to the anemic growth seen in December, according to a report released by the Labor Department on Friday, although the pace of growth still fell well short of economist estimates.

The report said non-farm payroll employment increased by 113,000 jobs in January following a slightly upwardly revised increase of 75,000 jobs in December. Economists had been expecting employment to climb by about 180,000 jobs compared to the addition of 74,000 jobs originally reported for the previous month.

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