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Dollar falls on better-than-expected job report

Published: 09/07/2009 05:00

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The dollar pulled back against most major currencies on Thursday as a better-than-expected U.S. job report boosted risk appetite.

Initial claims for jobless benefits fell much more than expected by 52,000 last week, settling at 565,000, the U.S. Labor Department reported. It was the largest decline since December and the lowest level of weekly initial claims since January.

Much of the decline reflected seasonal adjustment problems rather than a fundamental improvement in job market conditions. Continuing jobless benefit claims rose to a new high of 6.883 million.

However, the job report still lifted market sentiment which has been pessimistic in the previous sessions. A smaller-than-expected quarterly loss of Alcoa, the largest U.S. aluminum producer, also drove the dollar lower.

The euro bought 1.4036 dollars in late New York trading compared with 1.3851 dollars it bought late Wednesday. The pound rose to 1.6357 dollars from 1.6027 dollars.

The dollar fell to 1.1612 Canadian dollars from 1.1709 Canadian dollars, and fell to 1.0779 Swiss francs from 1.0918 Swiss francs. It rose to 93.01 Japanese yen from 92.45 Japanese yen.

VietNamNet/Xinhuanet

Provide by Vietnam Travel

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