The U.S. dollar fell on Friday, hitting multimonth lows against numerous rivals after the closely watch May jobs report came in much weaker than expected, raising concerns about economic growth and the pace of the Federal Reserve’s plans to normalize interest rates.

The ICE U.S. dollar index DXY, +0.24% , which looks at the buck against a half-dozen other currencies, fell 0.5% to 96.72, falling to levels last seen in November. The WSJ Dollar index BUXX, +0.21% , which measures the buck against a wider basket of rivals, lost 0.5% to 88.30.

The U.S. added a modest 138,000 new jobs in May, well below the 185,000 that had been anticipated. However, the unemployment rate fell to 4.3%, its lowest level since 2001.

The report was seen by some as lessening the odds for the Fed to lift rates at an aggressive pace. Wall Street was pricing in expectations for two additional rate increases in 2017.

“This was a bad report. We know payrolls are volatile, but in the bigger context it shows that job creations are slow,” said Alessio de Longis, a portfolio manager at OppenheimerFunds. “This reduces the case that the Fed can surprise with more hawkishness; it doesn’t give them any more urgency to raise interest rates, and that keeps a ceiling on where the dollar can go in the near term.”

The buck has been struggling thus far in 2017, down 5.4%, with 0.7% of that coming in this past week. The greenback fell in six of the past eight weeks.

“[The dollar] is being pushed around by opposing forces: it is supported by a high yield, but the growth momentum is favoring Europe and emerging markets. Today’s data supports that view,” de Longis said.

Against the yen USDJPY, +0.18% , the dollar changed hands at ¥110.42 from ¥111.35 late Thursday, a move of 0.8% that took it to levels last seen in April. The euro EURUSD, -0.33% was at $1.1284 from $1.1216, up 0.6%.

The day’s move extends the upward trend both currencies have been in this year. The euro is up 7.1% thus far this year, taking it to its highest level since August, while the yen is up 5.5%.

The pound GBPUSD, -0.03% was little changed on the day, having recovered from earlier weakness that came on a day when U.K. stocks were headed toward record levels. The currency traded at $1.2887 from $1.2882.

Sterling has been volatile in recent days as opinion polls ahead of the June 8 general election in the U.K. point to a much tighter race than previously expected. A survey out earlier this week showed the lead held by Theresa May’s Conservative Party over Labor had narrowed to three points, down from 20 points about a month ago.