US jobs data sends dollar lower
Posted: 07 August 2010 0759 hrs
NEW YORK: The US dollar traded lower against the euro and the yen on Friday as investors fled from the greenback after weak jobs figures.
News that the US economy shed more jobs than expected in July dominated the day's trade.
Some 131,000 jobs were lost and the unemployment rate remained stuck at 9.5 percent last month, officials said, as federal and local governments slashed jobs.
"FX battled between the two competing impulses of risk aversion versus capital flight from dollar denominated assets, the later force won out and the euro... climbed higher," said Boris Schlossberg of Global Forex Trading.
The euro changed hands at 1.3280 dollars in New York at 2330 GMT, higher than the 1.3190 dollars fetched late Thursday.
The dollar also fell against the Japanese currency, at 85.51 yen from 85.82 on Thursday.
Against other key currencies the dollar declined to 1.0388 Swiss francs from 1.0453 Thursday while the British pound rose to 1.5942 dollars from 1.5893.
- AFP/de
- wong chee tat :)
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