US Dollar Rises To 6-Week Highs Against Yen

March 10, 2014

Paris-France (Mar 10)  Eur/US$ --  The euro pulled back from two-and-a-half year highs against the dollar on Friday after data showed that the latest U.S. jobs report for February came in ahead of expectations. The U.S. economy added 175,000 jobs in February, the Labor Department reported, well above expectations for 149,000 new jobs. The unemployment rate ticked up to 6.7% from 6.6% in January, as more people joined the workforce. The euro built on strong gains from Thursday, after the ECB’s decision to refrain from any policy tightening dampened expectations for further easing by the bank. The central bank left its benchmark interest rate unchanged at 0.5%, saying economic conditions did not support tightening. ECB President Mario Draghi said the latest economic data indicated that the economic recovery in the euro zone is proceeding, and added that the bank was ready to take further action if needed.

EUR/USD Hour Chart

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