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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 383.12

+0.8%

Nov 26 4:00 PM EST

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To: Cogito Ergo Sum who wrote (86800)	2/3/2012 11:51:13 AM
From: elmatador	Read Replies (2) of 218068

Dollar rises as jobs boost dents QE3 speculation The dollar strengthened on Friday after US data showed a larger than expected rise in jobs last month, which investors interpreted as a positive signal on the US economy. The US currency rose against the euro, the pound and the yen as investors speculated that the positive signal on the US economy would lessen the chance of a further round of quantitative easing. “The prospects for QE3?.?.?.?are not as imminent as some observers have argued,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman in New York. The euro fell 0.5 per cent to $1.3078, following a week of trading in a tight range against the dollar as investors waited for the outcome of Greece’s ongoing talks with its creditors to restructure its debt. The euro rose 0.1 per cent against the yen to Y100.28. The pound reversed earlier gains against the dollar after figures showed a rise in the UK’s services industry in January. Sterling fell 0.3 per cent to $1.5767 but rose 0.2 per cent against the euro to £0.8302. But the dollar fell against commodity and emerging market currencies as investors interpreted the uptick in US jobs data as positive for global growth. The Australian dollar rose 0.2 per cent to close to its five-month high against the US currency the previous day, moving back above $1.07 against the US dollar to $1.0734. The Mexican peso rose 0.6 per cent to pesos 12.7243 while the South African rand rose 0.2 per cent to R7.5760, its strongest level in nearly five months. The Canadian dollar climbed 0.1 per cent to $1.0023 while the New Zealand dollar was flat at $0.8330. The yen and the Swiss franc weakened against both the euro and the dollar, giving up some of their gains earlier in the week. Traders have speculated this week that a fresh round of intervention from both the Bank of Japan and the Swiss National Bank could be imminent, after both currencies rose to key psychological levels. The Swiss franc lost 0.1 per cent against the euro, which rose to SFr1.2058, after hitting a low of SFr1.2028 earlier in the week, just above the SFr1.20 ceiling at which the SNB has promised to intervene to weaken the franc. The dollar rose 0.5 per cent against the yen to reach Y76.60, erasing the gains made by the Japanese currency over the course of the week. The yen this week hit its strongest level since the Bank of Japan last intervened in October, reaching Y76 against the dollar. Copyright The Financial Times Limited 2012. You may share using our article tools. Please don't cut articles from FT.com and redistribute by email or post to the web. ft.com

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