Mon, 08 Oct 2012 09:20:00 EDT
The dollar rose against most major currencies on early Monday after investors spent the weekend digesting a stronger-than-expected U.S. September jobs report, concluding the numbers did not indicate significant recovery was taking shape in the U.S. economy. The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labour Statistics reported Friday. Employers added a net 114,000 jobs in September, while households reported that total employment rose by 873,000 in September following three months of little change. Meanwhile, the creation of just 114,000 new nonfarm payrolls reflected no major improvement from previous monthly jobs reports, investors concluded, which prompted many to take up long dollar positions early in Asian trading. Elsewhere, demand for safe-haven currencies like the dollar rose ahead of the release of output data out of Germany, Europe's largest economy. Germany will release month-on-month industrial output figures later in the day and until the numbers hit the wire, investors opted for safe-haven currencies such as the yen and the dollar. A group of eurozone finance ministers are due to meet on Monday in Brussels, and investors sold the euro to await any policy announcements that may come from the talks.
The dollar rose against most major currencies on early Monday after investors spent the weekend digesting a stronger-than-expected U.S. September jobs report, concluding the numbers did not indicate significant recovery was taking shape in the U.S. economy. The U.S. unemployment rate fell to 7.8% percent in September from 8.1% in August, the Bureau of Labour Statistics reported Friday. Employers added a net 114,000 jobs in September, while households reported that total employment rose by 873,000 in September following three months of little change. Meanwhile, the creation of just 114,000 new nonfarm payrolls reflected no major improvement from previous monthly jobs reports, investors concluded, which prompted many to take up long dollar positions early in Asian trading. Elsewhere, demand for safe-haven currencies like the dollar rose ahead of the release of output data out of Germany, Europe's largest economy. Germany will release month-on-month industrial output figures later in the day and until the numbers hit the wire, investors opted for safe-haven currencies such as the yen and the dollar. A group of eurozone finance ministers are due to meet on Monday in Brussels, and investors sold the euro to await any policy announcements that may come from the talks.