Corporate foreign exchange news

Dollar drops ahead of jobs data

Friday, 03 June 2011 09:13:52 GMT

Published by Mark Smith-Halvorsen
The US dollar has fallen on the foreign exchange market ahead of the release of data expected to show slower growth in the country's jobs market.
Figures from the country's Labor Department are due to be released later today and are expected to show that jobs growth slowed to 165,000 new workers, Bloomberg reports.
Weak manufacturing data is also expected to have an effect on the currency. RTT News reports that the figures are leading economists to believe that weak first-quarter growth will be experienced again this quarter.
Richard Grace from the Commonwealth Bank of Australia told Bloomberg that the greenback "is going to remain under downward pressure" as a result of its seemingly weak economy.
The Federal Reserve's quantitative easing measures, known as QE2, are due to end this month, but the country's economy remains under pressure.
The euro remains stronger against both the dollar and the pound.
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