After the US economy adds 253,000 jobs, the dollar's gains wane against the euro.

Americans gained more employment than anticipated in April, but the dollar's appreciation was brief.

The EUR/USD pair recouped its losses from Friday when the US jobs report provided a temporary support to the dollar. Employers in the United States added 253,000 jobs, the most since January and significantly more than the 180,000 jobs predicted by analysts. The rate of unemployment decreased to 3.4%.

The low unemployment rate and robust labour market are indicators of a robust, dare we say "bussin" economy. And this is typically very bullish for the local currency, the US dollar in this instance. Naturally, traders raced to purchase dollars, but the dollar's rally was short-lived.

The EUR/USD fell roughly 80 pips, or 0.8%, after the employment report was published. However, the reaction was soon reversed, and the euro was back above $1.10 because the dollar's position on the market is not particularly favourable. In the early hours of Monday, the pair moved higher, hovering near $1.1050.