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WORLD FOREX: Riskier Currencies Recover From US Jobs Data
NEW YORK (Dow Jones)--Riskier currencies have recovered late Friday morning after an early selloff on a disappointing U.S. payrolls report.
The euro recently bounced back to intraday highs of $1.4480 and Y130.83. It had struck more than a three-week low of $1.4480 and almost a three-month low of Y129.03.
The dollar has also recovered against the yen from a session low of Y88.60 to an intraday high of Y89.68.
Currency analysts warn that currencies remain with recent ranges and have yet to break through any new technical levels.
In addition, trading is often volatile following this highly anticipated monthly jobs data.
"It would be a mistake to take a logical look" on these moves, said Tom Fitzpatrick, global head of currency strategy at Citigroup.
Andrew Wilkinson, senior market analyst at Interactive Brokers, said, "as nerves settle in the aftermath it's beginning to feel as though the panic has been somewhat magnified of late."
Late Friday morning in New York, the euro was at $1.4600 from $1.4526 late Thursday, according to EBS via CQG. The dollar was at Y89.77 from Y89.77. The euro was at Y130.98 from Y130.39. The U.K. pound was at $1.5893 from $1.5940, while the dollar was at CHF1.0350 from CHF1.0420.
Employers eliminated 263,000 jobs in September, more than expected, as the unemployment rate climbed to 9.8%, the U.S. Labor Department said.
Economists surveyed by Dow Jones Newswires expected a 175,000 decrease.
-By Riva Froymovich, Dow Jones Newswires; 212-416-2217; riva.froymovich@dowjones.com
