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FOREX-Dollar hits 6-month peak vs yen, three-week high vs euro
November 2, 2012 / 1:48 PM / 5 years ago

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

* 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.

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