Dollar up against yen, euro

AFP, TOKYO: The dollar rose against the yen and euro yesterday as a solid US jobs report supplied more evidence of resilience in the US economy, opening the door for another rate hike this year.
Rising oil prices and China’s fresh stimulus measures also boosted investor spirits, as payrolls firm ADP reported that the US private sector added 214,000 jobs in February, better than the 190,000 expected.
The report on Wednesday came ahead of Friday’s US Department of Labor February jobs figures and after better-than-expected reports on the sluggish US manufacturing sector, construction spending and auto sales.
Still, fears about a slowdown in China and weak global growth were likely to weigh on the chances that the Federal Reserve will pull the trigger on multiple rate hikes this year, analysts said. Raising interest rates is a plus for the dollar as it attracts investors to dollar-denominated assets.
“With the uncertainties around the world, particularly emanating out of China, I don’t think that the global economy, including the internal economy within the US, is strong enough to take several rate hikes this year,” Derek Mumford, a director at Rochford Capital Pty in Sydney, told Bloomberg News.

Dollar up against yen, euro

AFP, TOKYO: The dollar rose against the yen and euro yesterday as a solid US jobs report supplied more evidence of resilience in the US economy, opening the door for another rate hike this year. Rising oil prices and Chinas fresh stimulus measures also boosted investor spirits, as payrolls firm ADP reported that the US private sector added 214,000 jobs in February, better than the 190,000 expected. The report on Wednesday came ahead of Fridays US Department of Labor February jobs figures and after better-than-expected reports on the sluggish US manufacturing sector, construction spending and auto sales. Still, fears about a slowdown in China and weak global growth were likely to weigh on the chances that the Federal Reserve will pull the trigger on multiple rate hikes this year, analysts said. Raising interest rates is a plus for the dollar as it attracts investors to dollar-denominated assets. With the uncertainties around the world, particularly emanating out of China, I dont think that the global economy, including the internal economy within the US, is strong enough to take several rate hikes this year, Derek Mumford, a director at Rochford Capital Pty in Sydney, told Bloomberg News.