MW: Dollar rises after U.S. economy loses fewer jobs in July
By William L. Watts & Deborah Levine, MarketWatch
NEW YORK (MarketWatch) -- The U.S. dollar gained versus the Japanese yen and euro on Friday after the Labor Department said the U.S. economy lost 247,000 jobs in July, the fewest since August.
The dollar gained almost 1.1% versus the yen as the Japanese currency has been the biggest loser when investors seek more risk in higher-yielding assets. U.S. equity futures pointed to a higher opening after the data.
"The overwhelmingly optimistic report will fuel further gains in the U.S. dollar against the Japanese Yen," said Kathy Lien, director of currency research at Global Forex Trading.
The dollar rose to buy 96.47 yen, compared to 95.59 in late North American trade on Thursday. The euro declined to $1.4327, from $1.4342 in Thursday.
The report said the unemployment rate unexpectedly fell to 9.4% from 9.5% in June. Economists surveyed by MarketWatch predicted payrolls would fall by 275,000 and saw a 9.7% unemployment rate. Also, payrolls were revised higher for May and June.
