US dollar is moving higher today, thanks to better than expected economic data, and concerns about what’s happening in the Europe. Greenback is hanging on to some of its earlier gains against the euro and the pound, and moving higher against the yen.
US economic data has been showing something of improvement, even though the pace is somewhat slow. However, the trend for better data is there, and it is showing with the most recent reports. The highlight for today is the report that shows the United States adding 171,000 jobs in October. Even with the unemployment rate edging up to 7.9 per cent from 7.8 per cent for October, the news is still positive.
Greenback is finding strength in uncertainty around the world, though — particularly in the eurozone. Eurozone unemployment continues to rise, and the latest data indicates that the 17-nation currency region is headed for recession. Lower commodities, with oil prices back below $87 a barrel, and gold prices back below $1,700 an ounce, are also helping to support the US dollar, particularly against the euro.
At 13:28 GMT EUR/USD is down to 1.2865, falling from the open at 1.2944. GBP/USD is also lower, down to 1.6040 from the open at 136125. USD/JPY is heading higher, moving up to 80.5620 from the open at 80.1525.
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