The
dollar rose after a report showed U.S. jobs growth exceeded forecasts,
backing the case for the Federal Reserve to continue raising interest
rates this year.
A
greenback index touched the highest in more than a decade before paring
gains after Labor Department data showed lower-than-forecast wage
patterns tempered the employment increase. The U.S. currency also
strengthened as China’s central bank set a higher yuan fix and
state-controlled funds were said to buy equities, damping turmoil that
roiled global markets this week.
The
U.S. currency has been restrained this year on concern that China’s
slowdown will hamper global growth. Tolerance for a weaker currency in
the world’s second-biggest economy is viewed as evidence policy makers
are struggling to revive growth. The turmoil has largely benefited the
yen, which rose 2 percent against the dollar this week as investors
sought the safest assets.
The
greenback rose 0.4 percent to $1.0889 per euro and was 0.1 percent
higher at 117.84 yen as of 1:40 p.m. in New York. The Bloomberg Dollar
Spot Index, which tracks the currency versus 10 peers, added 0.4 percent
to 1,241.74. The measure has gained for nine of the past 10 days.
Source: Bloomberg
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