FOREX-Dollar hits 6-month peak vs yen, three-week high vs euro

Fri Nov 2, 2012 7:14pm IST

* Euro still pressured by Greek woes
    * U.S. economy adds 171,000 jobs; unemployment rate 7.9 pct
    * Overall good jobs picture, but economy needs more-analyst

    By Gertrude Chavez-Dreyfuss
    NEW YORK, Nov 2 (Reuters) - The dollar climbed to a more
than six-month peak against the yen and a three-week high versus
the euro on Friday after data showed the U.S. economy created
more jobs than expected last month.
    The unemployment rate, however, ticked higher to 7.9
percent, in line with market expectations.
    For October, U.S. employers added 171,000 jobs, well above
the market consensus of 125,000. The government also said 84,000
more jobs were created in August and September than initially
estimated. 
    For some analysts, though, merely beating consensus
estimates for U.S. jobs would not be sufficient to turn things
around for the labor market.
    "New employment will have to double from here if it is to
bring unemployment near ... 7.0 percent when people begin
returning to the hunt for work," said Joseph Trevisani, chief
market strategist at Worldwide Markets in Woodcliff Lake, New
Jersey. 
    The dollar hit a high of 80.67 yen, its highest since
April 27. It was last at 80.59, up 0.5 percent. 
    The euro, meanwhile, slid to $1.2846, its lowest
since October 11. It last traded at $1.2864, down 0.6 percent.
    The euro has also been weighed down by a Greek court ruling
on Thursday indicating that pension reform demanded by foreign
lenders may be unconstitutional. That raised concerns about
Athens' ability to implement the austerity measures needed to
secure bailout funds.
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Healthcare Corruption

REUTERS SHOWCASE

Short of Expectations

Short of Expectations

Apple revenue lags Street's view despite strong China growth  Full Article 

Mircosoft Results

Mircosoft Results

Microsoft revenue rises, profit falls as Nokia absorbed  Full Article 

Deal Talk

Deal Talk

Exclusive - Lupin, U.S. firms weigh bids for GSK's mature drugs: sources  Full Article 

Relief For Sahara

Relief For Sahara

Supreme Court could allow Sahara boss to conduct asset sale talks, company says.  Full Article 

Classifying Banks

Classifying Banks

RBI to start announcing too-big-to-fail banks in Aug 2015  Full Article 

Food Scandal

Food Scandal

Starbucks, Burger King dragged in as China food scandal spreads.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage