Tags: Dollar

Dollar Gains as Report Shows U.S. Adds Jobs

Friday, 02 Apr 2010 11:36 AM

 

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The dollar rose in thin trading Friday after a government report said the U.S. economy added the most jobs in three years last month, signaling a recovery in the labor market.

Stock markets are closed and trading in the bond markets is abbreviated in the U.S. because of a holiday.

The 16-nation euro dropped to $1.3487 in morning trading in New York from $1.3571 late Thursday. The British pound slipped to $1.5185 from $1.5270.

The dollar rose to 94.60 Japanese yen from 93.84 yen. It also edged up to 1.0101 Canadian dollars from 1.0088 Canadian dollars and rose to 1.0633 Swiss francs from 1.0552 francs.

The Labor Department said Friday that employers added 162,000 jobs in March, slightly below economists' expectations of 190,000 jobs gained. Still, it's the biggest increase since March 2007. The unemployment rate remained at 9.7 percent last month.

"To the extent that the jobs data reflects continued improvement in the U.S. labor market, it fits into our general view that the output gap in the U.S. is closing, albeit slowly, and that this will allow the Fed to raise interest rates before the (Bank of Japan, European Central Bank and Bank of England)," wrote Marc Chandler, currency strategist at Brown Brothers Harriman, in a research note.

The Federal Reserve has held the key overnight interest rate on loans between banks at a range near zero since December 2008 as it tries to stimulate economic activity. Increasing rates would slow inflation and borrowing, but tends to boost the value of the U.S. currency as yields on dollar-denominated assets rise.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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