Dollar slides as U.S. jobs data whets risk appetite

ForexNewsNow | Published on July 8, 2010 at 12:52 pm

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NEW YORK (Forex News Now) – The U.S. dollar slid broadly on Thursday, after better-than-expected data on new U.S. unemployment claims whetted FX traders’ risk appetite.

In U.S. afternoon currency trading, the dollar was down against the euro and Swiss franc, with EUR/USD trading at 1.2694, up 0.48 percent, and with USD/CHF trading at 1.0491, down 0.31 percent.

Earlier Thursday, U.S. Labor Department data showed that the number of workers filing new claims for unemployment benefits last week fell by 21,000 to 454,000.

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Global forex analysts had expected claims to drop to 460,000, two major financial news outlets reported.

The U.S. dollar also slumped versus the Aussie, kiwi and loonie: AUD/USD traded at 0.8764, up 1.4 percent; NZD/USD traded at 0.7093, up 0.86 percent; and USD/CAD traded at 1.0434, down 0.33 percent.

The Aussie’s gains came after official data showed that the number of Australians employed rose 45,900 in June. The country’s unemployment rate also came in at a lower-than-forecast 5.1% in June from 5.1% in May, revised down from an earlier estimate of 5.2%, Australia’s statistics bureau said.

But the U.S. dollar strengthened against the yen and sterling, with USD/JPY trading at 88.38, up 0.76 percent, and GBP/USD trading at 1.5165, down 0.17 percent.

The U.S. Dollar Index, a six-currency gauge of the greenback’s strength, was down 0.13 percent.

 

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