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Euro Holds Near 4-Month Highs Vs Dollar As US Jobs Data Disappoint

Wall Street Journal - Mar 4, 2011

The euro rose above $1.4000 for the first time since November on Friday, continuing its recent bull run, as investors reacted to a disappointing U.S. non-farm payroll number and bet on expectations of euro-zone rate hikes.

More upheaval in North Africa and the Middle East, meanwhile, pushed up oil prices and sent investors scrambling into the Swiss franc and other safe haven assets.

The euro held onto gains against the dollar in a roller-coaster session, trading at $1.3993, not far below the day's high.

Fitch Ratings' decision to revise Spain's outlook to negative from stable didn't appear to impact the euro much, in thin afternoon New York trade.

"It looks like a tree fell on the forest, but nobody's there to hear it," said Marc Chandler, strategist at Brown Brothers Harriman.

Overall, new data indicated that the U.S. jobs market rebounded in February and unemployment fell below 9% for the first time in nearly two years, the latest signs of a steadily improving economy. But nonfarm payrolls rose by 192,000 last month, below the forecast consensus of 200,000.

Read Full Article from Wall Street Journal

- Posted: 2011-03-04 14:10:08

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