Dollar slides on US employment data surprise
Riskier currencies rose on improved risk appetite, with many rising to the new session's high as traders learned that the American economy added more jobs than economists had indicated.
by Michal Kovar
WBP Online
New York/Frankfurt/London - World currencies turned higher on the charts after US non-farm payrolls rose at an extent that lured investors into entering the riskier assets.
Brokers in the foreign exchange markets were flooded with many buy
orders for the higher paying currencies as traders learned that the
American economy added 163,000 new jobs in July, a figure that blew past
expectations of 100,000.
The euro traded 1.29% higher to $1.2336 as of 2:35pm GMT on Friday. The currency trimmed losses from Thursday when investors learned that the European Central Bank was not immediately ready to buy Italian and Spanish debt.
The British pound traded 0.59% higher to $1.5604, just below its intraday high. Traders lacked dedication to buy sterling after the UK's service sector rose short of expectations.
The Australian dollar rose, trading 0.85% higher to $1.0550. The currency was trading near the new session high at the time of writing.
To contact the author of this story e-mail michal.kovar@wbponline.com
Photo: ISIFA
