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Dollar Stable As Wall Street Weighs Disappointing Jobs Report

Dollar Stable As Wall Street Weighs Disappointing Jobs Report

The dollar was steady Monday morning in New York, as traders returned to their desks following the Easter holiday. For many on Wall Street it was the first chance to react to Friday's dismal jobs report.

The U.S. non-farm payrolls report released last week showed that the economy added 120,000 jobs in March, the smallest job gains in five months. The increase was far below the 2000,000 plus growth forecast by economists.

The jobless rate ticked down to 8.2 percent despite the number of employed people declining by 31,000.

Inflation in China increased more than expected in March after easing to a twenty-month low in February, data from the National Bureau of Statistics showed Monday.

The latest rise in inflation rate was mainly driven by rising food costs. Inflation rose to 3.6 percent in March from 3.2 percent in February.

The dollar held last week's gains versus the euro, boosted by its renewed safe haven appeal. The buck was sitting at $1.3075, having touched a monthly high of $1.3032.

The buck was also stable versus the sterling, holding at $1.5858, little changed from Friday's session.

On the other hand the dollar continued to drift lower versus the yen, easing to a monthly low of Y81.18. In March the dollar peaked at an 11-month high above Y84.

While no major economic data is scheduled to be released today, Federal Reserve Chairman Ben Bernanke is due to deliver a speech tonight on financial stability at a Stone Mountain, Ga., conference organized by the Federal Reserve Bank of Atlanta.

Later in the week, markets will weigh the Commerce Department's trade balance report for February, the Labor Department's consumer and producer price inflation reports for March, and the import and export price indexes for March.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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