Posted February 06, 2011
US dollar up on payroll information. Canada dollar improves on jobs data.
The US dollar improved during the Friday trading session as information was released about the United States jobs market. A report indicated that the outlook on jobs in the US is improving, with a better unemployment outlook, though payroll growth information was less than positive.
The focus of the session was on jobs. According to the United States Labor Department, the country's economy added 36,000 jobs in the month of January, though many in the industry expected that 140,000 jobs in nonfarm payrolls. Experts stated that poor weather conditions could have played a role in the process.
The jobless rate fell from 9.4 percent to 9 percent in the month of December. Many experts thought this number would increase to 9.5 percent. The drop was attributed to the shrinkage of the labor force.
The US Dollar improved from 77.755 at the end of the trading session on Thursday to 77.712 at the end of the Friday session. During the trading day, it managed to increase to 78.023.
The euro moved down during the Friday trading session. It moved from US $1.3636 at the end of the Thursday trading session in North American trading to US $1.3590 at the end of the Friday trading session. After the employment report was released, the currency fell from highs of US $1.3650. During the day, it touched the lowest level it has been at in nearly two weeks.
A European Leader meeting also held back the euro. The officials ended the meeting with a goal of creating a comprehensive program to help the euro zone's financial situations by the end of March.
Against the Japanese yen, the use dollar moved from Y 81.64 at the end of the North American trading session on Thursday to Y 82.21 at the end of the Friday session.
The Canadian dollar improved during the trading day on Friday. This came from better than expected rise in payrolls in the month of January. The country's employment moved up 69,200 in the and the unemployment rate rose to 7.8 percent. The US dollar traded down by 0.2 percent to buy 98.80 Canadian cents.
Also notable during the Friday session was the Reserve Bank of Australian announced it expected the country's gross domestic product to improve by 4.25 percent in 2011. This moved the Australian dollar up to US $1.0136.