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- American focus: the dollar rose against most of its major counterparts as data in Europe and Australia showed economic growth stalling while a report in Washington signaled U.S. unemployment may be easing.
American focus: the dollar rose against most of its major counterparts as data in Europe and Australia showed economic growth stalling while a report in Washington signaled U.S. unemployment may be easing.
The euro fell for the first time in four days against the dollar as U.S. jobless claims dropped to the lowest since July 2008 last week. It pared the slide as U.S. stocks trimmed losses on speculation Egyptian President Hosni Mubarak will step down. Australia’s dollar slumped after an unexpected drop in full-time employment. Atlanta Federal Reserve Bank President Dennis Lockhart said he saw improving confidence in the U.S. economy.
“We had a lot of disappointment in economic data overnight, and that has contributed to the risk aversion you see in the market,” Kathy Lien, director of foreign-exchange research at online currency trader GFT Forex in New York. “Based on the latest jobless report, the Fed has less to worry about and investors have a stronger reason to buy into the U.S. recovery story.”
The greenback trimmed its advance amid speculation Mubarak will meet protestors’ demand to step down. The Standard & Poor’s 500 Index was down 0.1 percent after earlier falling 0.7 percent. Mubarak will decide “within hours” whether to resign, Cabinet spokesman Magdi Rady said in a phone interview.
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