Dollar hits near 6-week high vs. euro

Greenback gains after report shows U.S. jobs declined less than expected in July; dollar slips versus yen.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Kenneth Musante, CNNMoney.com staff writer

I believe the future of jobs is in:
  • Technology
  • Manufacturing
  • Health care
  • Energy

NEW YORK (CNNMoney.com) -- The dollar rose to near a six-week high against the euro Friday after the government reported fewer than expected job losses for July.

The euro fell as low as $1.5515 - the lowest level since June 24, according to data from Forex Capital Markets - but then pared some losses.

Most recently, the euro bought $1.5545, down from $1.5603 late Thursday. The greenback lost ground against the yen, buying ¥107.64, down from ¥107.91 a day earlier.

Jobs: The Labor Department said employers cut 51,000 jobs last month, marking the seventh straight month of job losses.

But economists polled by Briefing.com had feared worse and were expecting a loss of 75,000 jobs.

"I think overall it was kind of a pleasant surprise," said Tom Benfer, vice president of foreign exchange at the Bank of Montreal. "The market was bracing for a potentially poor number and it was only 51,000."

Meanwhile, the unemployment rate rose to 5.7% from a reading of 5.5% in June. The jobless rate was forecast to rise to 5.6%

European economy: The euro was also weakened by a negative report on manufacturing activity. The euro-zone's purchasing managers index report indicated contraction in the region's economy during the month of July.

"There is a perception that the European economy is slowing down," said Benfer.

The euro was also lower against the yen Friday. To top of page

Track 17 major currencies

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.