Dollar mixed on worse jobless data

14:43, December 04, 2010      

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The U.S. dollar traded mixed against major currencies in late New York trading on Friday as data showed U.S. jobless situation became worse.

The U.S. Labor Department announced on Friday that U.S. nonfarm payrolls rose 39,000 last month, much weaker than expectations for 140,000 new jobs. Also, the unemployment rate increased to 9.8 percent.

Many analysts viewed the weekly unemployment data was contradicted to some other lately released positive economic data which suggested the economy showing recovery strength.

"U.S. nonfarm payrolls are extremely volatile, so one data point is not probably enough to tell much about future trends," said Ugo Lancioni, currency strategist and portfolio manager at Neuberger Berman in London.

The euro, recovered against the dollar on Friday, posting its best three-day gain since May, mainly due to the European Central Bank's purchases of euro zone bonds. On the week, the euro zone single currency was on track for a 0.7 percent rise.

The euro traded near 1.34 against the dollar in late trading session, and analysts said the next key level for the pair was 1. 3467.

The dollar tumbled to a two-week low of 82.53 in intraday trading against the Japanese yen, as worse unemployment data dampened investors' confidence on the dollar.

In late Friday trading, the dollar bought 82.90 yen, compared with 83.90 late Thursday, and the euro rose to 1.3375 dollars from 1.3210.

The British pound also rose to 1.5741 dollars from 1.5584. The dollar dropped from 0.9936 to 0.9777 against Swiss francs, but rose to 1.0045 Canadian dollars from 1.0034.

Source: Xinhua


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