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U.S. Dollar in trouble following job’s report

Currencies / US Dollar Oct 09, 2010 - 03:45 AM GMT

By: LiveCharts

Currencies

An already weak US dollar took another hit early Friday (October 8) morning following the latest report on jobs. According to new Labor Department numbers, 95,000 workers were cut by US employers during the month of September.

The number of new jobless claims was far worse than analysts had predicted. Bloomberg News, for instance, forecasted just 5,000 new job cuts in its survey of economists.


Unemployment was somewhat of a surprise at 9.6 per cent, which matched the report from August. This was at the low end of the range most analysts expected. Some predictions called for unemployment to be as high as 9.8 per cent.

The yen continues to strengthen amid reports that Japan and other Asian countries are trying to intervene in currency markets ahead of the G7 economic summit in order to stave off further strengthening.

The dollar fellow below 82 yen in early Friday morning trade to a low of 81.93, before bouncing to a current price of 82.12. These are low values for the dollar-yen not seen in over 15 years.

European currencies moved higher quickly on the data, but have since fallen due to profit taking.  A euro now nets $1.3874, after getting as high as $1.3964 in early Friday trade. The British pound is at $1.5874 after it made a brief move above $1.59 to $1.5902.

With job news still a concern, Federal Reserve Chairman Ben Bernanke said earlier this week that consumer confidence is stifling growth in the economy.

Consumer spending accounts for close to 70 per cent of the US economy. Consumer confidence readings have been disconcerting of late, given that businesses are not likely to retain employees and expand hiring if consumers are not buying products and services.

This quandary has prompted renewed comments from some analysts and economists that a double-dip recession is imminent.

The dollar appears to be in more trouble in the short-run based on the latest round of economic data and the Fed’s emphasis on taking steps necessary to spark the recovery effort.

Neil Kokemuller

LiveCharts.co.uk

Neil Kokemuller is an Associate Professor of Marketing at Des Moines Area Community College in Des Moines, Iowa, USA. He has a MBA from Iowa State University. He is also in house stock market commentator at Live Charts UK, where you can find real time charts and share prices .

Copyright © 2010 Live Charts

Please note: The information provided in this article is intended for informational and entertainment purposes, and not as advice for financial decisions or investments. Actions taken on the basis of the information shared is at the sole risk and discretion of the individual. Currency investment poses significant risk of loss.

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