US Dollar Looses Ground After Weak Non Farm Payroll Report
February 10, 2009
| US Labor Department announced that US economy lost 598,000 jobs in January. The December was revised lower to a 577,000 loss. The unemployment rate climbed to 7.6 percent, setting a 16-year high for this figure. The figure on the left summarizes the biggest monthly falls in NFP for the past year. | |
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”These employment numbers are dreadful, but does it matter?” said Alan Ruskin, senior analyst at RBS’s global banking and markets division. “Not for the market today. All the prior labour market indicators, notably the claims data, gave a feeling of foreboding before these numbers. The data broadly delivered.” US Dollar lost ground against euro and pound. Further declines in the USD are expected to continue in the week to come. Although the EUR/USD is in a downtrend, weak report from the US allowed euro to pullback to the 1.3000 level. |
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