The dollar gains on better than expected U.S. jobs data early in the New York session.
February Non-Farm Payrolls decreased by 36K and the unemployment rate remained unchanged at 9.7%.
The dollar gained the most against the yen. The USDJPY jumped back to above 90.00.
The euro and the pound are down moderately.
On the other hand, commodity currencies profited from the appreciation in crude oil and gold prices amid speculations of improving demand. The aussie is close to this week’s high (.9084) and the loonie is up 50 pips against the dollar (1.0268).
American and European stock markets reacted positively as well.
Most analysts predicted worst payrolls as a result of the snowstorms that hit the East Coast last month. But with this new data, we can consider a switch to positive payrolls at one point in Spring as more and more likely.
Once again, this re-raises the possibility of a Federal Reserve Fund Rate hike — employment is the key data for a sustained recovery.
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