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The USD - US Dollar weekly update 07 Feb 2012
In this week's
update:
The US dollar did better than the euro last week, but not by much. It lost a cent against the pound.
And it did so despite some handily positive economic data from the American economy. Purchasing managers' indices for the manufacturing and services sector were far stronger than anything Europe could offer and January's employment report was a rip-snorter. Non-farm payrolls went up by 243k in the month and an extra 60k jobs were added by revisions to the previous two months. Together, it was more than double the number of new jobs predicted by analysts. Another pleasant surprise was a second consecutive monthly fall in the unemployment rate, from 8.5% to 8.3%.
The news did nothing to help the dollar though. Investors couldn’t work out whether good news from the US economy was good news for the currency, or if it would just mean less demand for the safe-haven dollar.
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