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| Yen rises after disappointing US jobs report |
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Saturday, November 07, 2009
NEW YORK: The yen rose against the dollar and euro on Friday after a disappointing US jobs report stoked worries about the state of the economy and boosted safe-haven demand for the Japanese currency.
US employers cut a deeper-than-expected 190,000 jobs in October, driving the unemployment rate up to its highest in 26-1/2 years at 10.2 per cent.
The government data dashed hopes the recession was ending after recent gross domestic product and jobless claims readings pointed to an economic recovery.
“Job losses are not moderating as quickly as I had hoped despite those earlier indicators on jobs,” said Richard Franulovich, senior currency strategist at Westpac in New York. “It’s pretty disappointing overall and that’s why we’re seeing dollar/yen fall.”
The dollar fell as low as 89.69 yen, according to Reuters’ data, and last traded 0.9 per cent lower at 89.94 yen. The euro declined 0.7 per cent to 134.14 yen. The euro recovered against the dollar to trade 0.2 per cent higher at $1.4907, well off a session low at $1.4815 as US stocks rebounded. For much of the past year, the euro has had a positive correlation with moves in the stock market, gaining when rising share prices boost risk appetite.
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ISSN 1563-9479 
