The greenback declined to its lowest in four months versus the single currency on Friday on uncertainty among investor grew about the future economic growth in reaction to rising oil prices. The crude oil prices rose to $104 per barrel on Friday.
Moreover disappointing US jobs claims report further added to weakening of the US dollar. According to the report of US Labor Department jobless claims reduced by 192,000 in the month of February which failed to meet the wide expectations. Unemployment rate declined to 8.9 percent from 9 percent which was also lower what the economists expected.
Global head of currency strategy from Brown Brothers Harriman Marc Chandler commented, “This is disappointing in that it suggests that there has been no acceleration of private-sector job growth from the fourth quarter of 2010.”
The dollar index DXY which measures the greenback’s performance versus is major six counterpart currencies declined to 76.385 on Friday as compared to 76.473 on Thursday’s North American trading session.
The euro advanced to 1.3991 versus the US dollar on Friday as compared to 1.3963 on late Thursday. The single currency reached its highest since November when it touched 1.40 against the greenback.
The British Pound declined to 1.6266 against the US dollar on Friday as compared to 1.6277 on late Thursday. Against Swiss franc the US dollar declined 1 percent over the escalating tensions in Middle East and Libya.
The greenback also remained under pressure versus the Japanese currency as it declined to 82.31 against the Yen as compared to 82.38 on Thursday North American trading session.
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Daily forex trading news written by Rehan from DailyForexTrade.com
