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

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

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