The previous week's strong US job report bolstered the dollar against the major currencies over the week
Published:
12 April 2004 y., Monday
The strong US data painted a brighter economic picture and raised hopes of a near-term hike in US interest rates. However, escalating violence in Iraq increased security fears in the US and limited the dollar's rally.
The dollar began the week trading higher against the European single currency amid a broad rally generated by the surprisingly robust US jobs report for March.
The improvement in the US jobs data is considered the key to the Fed to raise its funds rate from a 1958 low of one per cent, which would increase the allure of dollar-denominated assets for foreign investors.
The dollar buying momentum was bolstered further after the release of ISM service sector data that painted a brighter economic picture. The Institute for Supply Management's (ISM) non-manufacturing index surged to 65.8 in March, the 12th straight month of expansion, from 60.8 in February and with market's anticipation of 61.5.
Economic figures from the euro zone on the other hand weighed on the single currency.
Šaltinis:
Gulf News
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The Gas Coordination Group, chaired by the Commission, met this afternoon to analyze in detail all elements of the preparedness of the EU and the Energy Community for a potential supply disruption in the Winter 2009/2010.
more »
In a meeting of the European Bank Coordination Initiative Group, held in Brussels, the parent banks of the nine largest banks operating in Romania reaffirmed their commitment to maintain their exposure to the country and ensure adequate capital levels over 10 percent for their affiliates.
more »
Airline airBaltic has informed of its plans to resume some flights from Vilnius International Airport before the end of this year.
more »
The European Commission has approved under EC Treaty state aid rules the restructuring plan of Lloyds Banking Group.
more »
"Finance and climate change" was under discussion at a 10 November hearing in parliament's Industry, Research and Energy Committee.
more »
The International Monetary Fund announced today the sale of 2 metric tons of gold to the Bank of Mauritius, the nation’s central bank.
more »
The euro area economy grew by 0.4% in the third quarter. Is the crisis over?
more »
After lots were drawn, ten winners of Danske Bankas scholarships and one winner of an iPod shuffle player were established.
more »
From 16 November 2009, AB Bank SNORAS network starts providing new products – one can sign agreements of “Finasta Asset Management” II level pension accumulation funds in all subdivisions of the bank.
more »
The expected turnaround in the Baltic Rim economies is likely to gradually improve the business opportunities for Nordic companies operating in the region.
more »