Dollar's rise tempered by caution ahead of US jobs data
New York (Nov 8) The dollar soared against the euro and yen on Friday after data showing U.S. job growth unexpectedly accelerated in October.
The strong jobs report fed market speculation that the U.S. Federal Reserve could taper its monthly purchases of $85 billion in assets sooner rather than later, particularly after a much better-than-expected U.S. gross domestic product report on Thursday.
A reduction in U.S. stimulus would contrast sharply with the ECB's accommodative stance. The ECB on Thursday slashed borrowing costs to a record low of 0.25 percent and said it could cut further to prevent the euro zone's recovery from stalling in response to a sharp drop in inflation.
By 11am EST spot silver was down 32 cents to $21.38.