RTTN: Yen Slumps To Fresh 2-month Low Against Euro
(RTTNews) - The Japanese yen took a tumble after the report showed that the pace of job losses in the U.S. slowed by more than economists had been expected.
The yen plummeted to a fresh 2-month low of 138.52 against the euro, new 7-week low of 90.74 against the Swiss franc and a new 5-week low of 96.85 against the US dollar by 8:40 am ET. Against the Australian and New Zealand dollars, the yen tumbled to new multi-month lows of 81.17 and 65.44, respectively.
The report showed that non-farm payroll employment fell by 247,000 jobs in July following a revised decrease of 443,000 jobs in June. Economists had been expecting employment to fall by 325,000 jobs compared to the drop of 467,000 jobs originally reported for the previous month.
Additionally, the Labor Department said that the unemployment unexpectedly edged down to 9.4 percent in July from 9.5 percent in June. The decrease surprised economists, who had been expecting the unemployment rate to edge up to 9.6 percent.
