FX round-up: Dollar hits 8-month high against euro
08-02-2010 06:05
The dollar rose to an eight month high against the euro on Friday as traders mulled a mixed jobs report and as sovereign debt concerns continued to weigh on the euro.
Increasing unease about credit risks in some European countries and disappointing German industrial production figures for December pressured demand for the currency and increased demand for the dollar's safe haven qualities.
The euro hit a low of $1.3595 at the end of the week, recovering back above the $1.3600 level towards to end of the session.
The dollar index, which measures the US currency against a basket of six others, rose 0.4% at 80.33.
The dollar remained firm after Friday's widely watched Labor Department report showed 20,000 jobs were lost in January. The unemployment rate fell to 9.7% from 10% in December. Analysts had been expecting a rise of 15,000 jobs in January and for the unemployment rate to remain at 10%.
The dollar was also up against the yen, rising 0.2% to 89.36 yen as the dollar extended Thursday's gains.
Sterling came under pressure after figures showed UK producer prices rose more than expected in January. Output prices rose 0.4% in January compared to December, bringing the annual rate up to 3.8% from 3.5% in December, the highest since December 2008.
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