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- American focus: the dollar rose to a 10-month high versus the yen
American focus: the dollar rose to a 10-month high versus the yen
The dollar rose to a 10-month high versus the yen as a report showed U.S. job growth during the past six months was the strongest since 2006, dimming prospects for further Federal Reserve monetary stimulus. U.S. nonfarm payrolls increased by 227,000 in February after rising by a revised 284,000 the prior month, data from the Labor Department showed today. The unemployment rate held at a three-year low of 8.3 percent. Fed Chairman Ben S. Bernanke’s comments in congressional testimony last week damped speculation the central bank will introduce another round of asset purchases.
The 17-nation euro weakened for the first time in three days against the dollar after Greece said it triggered an option compelling investors to take part in its debt restructuring. Greece said today that 95.7 percent of bondholders would participate in its debt swap after it used an option to force investors to participate. The government said holders tendered 152 billion euros ($199 billion) of Greek-law bonds, or 85.8 percent, in response to the offer to swap their holdings. The International Swaps & Derivatives Association is meeting to consider a “potential credit event” relating to Greece.
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