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Dollars Stumbles as News Gets a Little Better
If it was not apparent in earlier sessions last week, investor appetite for risk has returned. This trend was boosted on Friday as the US Dollar struggled to make gains after a much awaited April Employment report showed fewer jobs were lost last month than was predicted. The US unemployment rate now stands at 8.9%, the worst level in over 25 years; however the 539,000 jobs lost last month was less than the 590,000 that analysts had predicted. This news followed Thursday’s announcement that 10 of the US’s largest banks need to raise 74.6 Billion Dollars in equity to shore up their operations in light of looming threats from toxic assets that still plague the market. This news, while dire, was not as bad as it could have been – helping investor sentiment move further to the positive.
At the Close, the Dollar was down .66% to the Japanese Yen to 98.45, down 1.5% to the Sterling to 1.5231, down 1.75% to the Canadian Dollar to 1.1492, down 2% to the Australian Dollar to .7685, down 2.2% to the New Zealand Dollar to .6036 and down 2.2% to the Swiss Franc to 1.1051.
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At the Close, the Dollar was down .66% to the Japanese Yen to 98.45, down 1.5% to the Sterling to 1.5231, down 1.75% to the Canadian Dollar to 1.1492, down 2% to the Australian Dollar to .7685, down 2.2% to the New Zealand Dollar to .6036 and down 2.2% to the Swiss Franc to 1.1051.
READ MORE ON:
http://www.finexo.com/
http://forextradingguru.blogspot.com/
http://forexmoneymaker.blog.com/
Replies to This Discussion
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Permalink Reply by princess Todd on -
The US Dollar index hit a five month Low on Friday after concerns regarding the US’s ability to fund their 1.8 Trillion Dollar budget deficit reemerged. The worries caused the yield on the 10 Year US Treasury Note (T-Note) to rise to its highest level since 2004 and brought the dollar down. Analysts and traders fear that the rising deficit and overall debt load that the US is carrying will force it to inflate the Dollar by printing money and once a program of cognitive inflation is implemented it can be difficult to control. Some US government consultants have argued that a 6% inflation level over a 10 year period will help erase the debt, however once implemented, it can be challenging to limit to a specific level.
The Dollars problems were heightened late in the forex online trading session after word emerged that US automaker General Motors will file for bankruptcy on Monday after it failed to negotiate a settlement with bondholders. Based on its commitments, the US government will take a 70% stake in the carmaker having already invested 20 Billion Dollars.
At the close the Dollar traded down 1.9% to the Japanese Yen to 95.31, down 1.53% to the Sterling to 1.6187, down over 2% to the Canadian Dollar to 1.0909, down 2/15% to the Australian Dollar to .8008, down .16% to the Swiss Franc to 1.0668 and down 2.8% to the New Zealand Dollar to .6403.
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