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While stock markets were on the up in the United States on Thursday, the embattled dollar continued to struggle through Friday.
The euro broke through the 1.3700 usd mark again as news from the United States that job growth there grew by just 92,000 in July, significantly lower than expected, shook the dollar. The jobless rate now stands at 4.6 percent.
Meanwhile, the Dow Jones closed up 101.0 at 13463.3 on Thursday, its second significant gain in two days after losing heavily last week.
The strengthening of the euro against the dollar may not be all that surprising as European Central Bank governor Jean-Claude Trichet hinted strongly again on Friday that it will raise interest rates next month.
He said there was a “big probability” that rates would go up, probably by quarter a percent, when the ECB meets on September 7, but stressed that this was not a foregone conclusion.
The yen was unchanged against the dollar at 119.10 while the British pound strengthened to 2.0366 usd from 2.0353 usd.
12:10
Posted on Aug-04-2007
