USD Falls as Investors Worry about Job Data
On March 6, 2009 in Tokyo trading, the USD tumbled, retreating from a 3-year peak versus a basket of currencies reached earlier this week, as investors prepare for data which is expected to confirm that last month, U.S. job losses increased significantly. The USDSwiss Franc and dropped sharply against the Euro and the Pound Sterling as traders anticipate a significant rise in the U.S. unemployment. According to some economists, U.S.unemployment rate will be the highest in 25 years or 7.9% from 7.6% in January. lost about 1% versus the job losses for February will be about 648,000, compared to 598,000 in January, and expectations are that the
The USD fell by 1.6% versus the Swiss Franc and traded at 1.1511 Francs. The Euro dropped by .5% against the Swiss Franc. The USD Index, a measure of the Dollar’s performance versus 6 major currencies, dropped 88.188 .DXY, a loss of .9% off a 36 month high of 89.624 .DXY reached on Wednesday.
The Euro rose by 1.2% against the U.S. Dollar from late trade in U.S. to $1.2686. The Pound Sterling climbed 0.9% against the U.S. Dollar and traded at $1.4246. The U.S. Dollar fell by 0.5% against the Japanese Yen and traded at 97.61 Yen.