Tuesday, May 7, 2013

The dollar weakened

New York (Reuters)-the dollar fell against the euro exchange rate on Friday (Saturday morning EST), though the u.s. employment report strengthened for April sent the stock market and oil prices surged.

Analysts said that the rising interest in risky assets in Europe are some of the causes of the sharp rise in the greenback's reversal after the release of the data sectors of employment, the AFP report.

At 21: 00 GMT (04.00 GMT Saturday), the euro was at 1,3116 dollars, up from 1,3063 dollars. The single currency traded mostly above the level of 1,3110 dollars during the day, but was shortly dropped to 1,3062 dollars immediately after the Labor Department released employment data for April.

The Department reported the u.s. economy added 165,000 jobs in April, and revise up sharply the numbers for the previous two months, helping send the unemployment rate down 10 points to 7.5 percent.

The Data offer a picture of the employment situation significantly brighter, which seems to be turning into a sustained dollar rally, analysts said.

"But the recovery of the euro that the material indicates traders are not quite ready to push it to new lows, although there were signs of a rise in the US economy," said David Rodriguez from DailyFX.

"Substantial Movement in the global government bond market that tells most of the story of the euro: the yield-hungry investors push the 10-year government bonds of Greece under 10 percent for the first time in nearly three years," he said.

"We cannot claim that the economic and fiscal crisis is over in the euro area, but the global financial market are up encouraging risk-taking--very favorable euro against ' safe haven ' US dollar."

The dollar managed to strengthen the yen, driven back to 99.00 yen, up from 97,93 yen on Thursday, while the euro rose to 129,80 yen from 127,93 yen.

United Kingdom Pound also strengthened against the dollar, to be 1,5572 dollars from 1,5531 dollars, while the dollar was slightly higher against the franc, Switzerland 0,9348 francs. (A026)

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Title Post: The dollar weakened
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