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U.S. Dollar Rises against Euro on Record High Euro-zone Jobless Rate

Industry News 09:22:30AM Apr 03, 2013 Source:SMM

NEW YORK, April 3 -- The U.S. dollar traded mixed against major currencies on Tuesday. It advanced versus the euro after data showed euro-zone unemployment rate stayed at record high in February.

The unemployment rate in the euro zone, according to the European Union's statistical bureau Eurostat on Tuesday, rose to 12 percent in the first two months of this year due to the ongoing debt crisis, austerity measures and financial market turbulences.

Eurosate revised upward the January jobless rate for euro zone from the previously reported 11.9 percent, which was also a record.

However, the euro trimmed some losses against the dollar as U.S. manufacturing data for February failed to meet market expectation.

New orders for U.S. manufactured goods in February increased 3. 0 percent, following a dip of 1.0 percent in the previous month, the Commerce Department reported Tuesday.

The Bank of Japan will hold monetary policy meeting on Wednesday and Thursday, and this would be the first policy meeting for the new governor Haruhiko Kuroda. He has repeatedly said that he would do whatever it takes to reach the 2 percent inflation target in two years.

Meanwhile, investors are paying attention to U.S. employment data for March which is due to be released on Friday.

In late New York trading, the euro dropped to 1.2814 dollars from 1.2851 dollars of the previous session and the British pound dipped to 1.5107 dollars from 1.5232 dollars. The Australian dollar increased to 1.0448 dollars from 1.0424 dollars.

The dollar bought 93.37 Japanese yen, slightly higher than 93. 36 in the previous session. It rose to 0.9493 Swiss francs from 0. 9471 Swiss francs and went down to 1.0148 Canadian dollars from 1. 0166 Canadian dollars of the previous trading day.

 

Key Words:  US dollar 

U.S. Dollar Rises against Euro on Record High Euro-zone Jobless Rate

Industry News 09:22:30AM Apr 03, 2013 Source:SMM

NEW YORK, April 3 -- The U.S. dollar traded mixed against major currencies on Tuesday. It advanced versus the euro after data showed euro-zone unemployment rate stayed at record high in February.

The unemployment rate in the euro zone, according to the European Union's statistical bureau Eurostat on Tuesday, rose to 12 percent in the first two months of this year due to the ongoing debt crisis, austerity measures and financial market turbulences.

Eurosate revised upward the January jobless rate for euro zone from the previously reported 11.9 percent, which was also a record.

However, the euro trimmed some losses against the dollar as U.S. manufacturing data for February failed to meet market expectation.

New orders for U.S. manufactured goods in February increased 3. 0 percent, following a dip of 1.0 percent in the previous month, the Commerce Department reported Tuesday.

The Bank of Japan will hold monetary policy meeting on Wednesday and Thursday, and this would be the first policy meeting for the new governor Haruhiko Kuroda. He has repeatedly said that he would do whatever it takes to reach the 2 percent inflation target in two years.

Meanwhile, investors are paying attention to U.S. employment data for March which is due to be released on Friday.

In late New York trading, the euro dropped to 1.2814 dollars from 1.2851 dollars of the previous session and the British pound dipped to 1.5107 dollars from 1.5232 dollars. The Australian dollar increased to 1.0448 dollars from 1.0424 dollars.

The dollar bought 93.37 Japanese yen, slightly higher than 93. 36 in the previous session. It rose to 0.9493 Swiss francs from 0. 9471 Swiss francs and went down to 1.0148 Canadian dollars from 1. 0166 Canadian dollars of the previous trading day.

 

Key Words:  US dollar