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Euro below US$1.30 on US jobs data, Europe worries
Source: Agencies |
October 8, 2012, Monday
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THE euro sank below US$1.30 in Asia today on better-than-expected US employment data while Spain's refusal to request a bailout also weighed on the European currency, analysts said.
The euro fell to US$1.2978 in afternoon trade from US$1.3031 in the US late Friday. The single currency also dropped to 101.96 yen from 102.48, while the greenback was at 78.56 yen from 78.64.
The US Labor department said Friday that the unemployment rate in the world's biggest economy dropped to 7.8 percent last month, the lowest since January 2009.
The figures sent dealers into the dollar from the euro, which continues to be weighed by Spain's refusal to ask for a a bailout, said Jason Hughes, head of premium client management for IG Markets Singapore.
"We saw on Friday the jobs data come out that was in line with expectations in terms of the payrolls and US unemployment ticked down... Focus has moved back towards Europe," he told AFP.
"It looks like we're still going to have a wait and see approach from Spain, there isn't much pressure in the secondary bond markets at the moment to cause them to need to really act quickly," Hughes added.
"So at the moment we'll probably see US dollar strength over the week because of that uncertainty."
Spanish Economy Minister Luis de Guindos said Thursday that Madrid did "not need a bailout at all" and insisted the government's tough austerity policies were putting the country on the right track.
The US dollar was up against most Asian currencies, trading at 52.20 Indian rupees from 51.61 rupees on Friday, rising to 41.53 Philippine pesos from 41.40 pesos, to 30.66 Thai baht from 30.55 baht and to SgUS$1.2316 from SgUS$1.2269.
The greenback was at 1,112.44 South Korea won from 1,110.25 won Friday and at TwUS$29.29 from TwUS$29.24, but it fell to 9,582 Indonesian rupiah from 9,589 rupiah.
The Australian dollar fell to US$1.0160 from US$1.0270, while China's yuan changed hands at 12.49 yen, against 12.43 yen.
The euro fell to US$1.2978 in afternoon trade from US$1.3031 in the US late Friday. The single currency also dropped to 101.96 yen from 102.48, while the greenback was at 78.56 yen from 78.64.
The US Labor department said Friday that the unemployment rate in the world's biggest economy dropped to 7.8 percent last month, the lowest since January 2009.
The figures sent dealers into the dollar from the euro, which continues to be weighed by Spain's refusal to ask for a a bailout, said Jason Hughes, head of premium client management for IG Markets Singapore.
"We saw on Friday the jobs data come out that was in line with expectations in terms of the payrolls and US unemployment ticked down... Focus has moved back towards Europe," he told AFP.
"It looks like we're still going to have a wait and see approach from Spain, there isn't much pressure in the secondary bond markets at the moment to cause them to need to really act quickly," Hughes added.
"So at the moment we'll probably see US dollar strength over the week because of that uncertainty."
Spanish Economy Minister Luis de Guindos said Thursday that Madrid did "not need a bailout at all" and insisted the government's tough austerity policies were putting the country on the right track.
The US dollar was up against most Asian currencies, trading at 52.20 Indian rupees from 51.61 rupees on Friday, rising to 41.53 Philippine pesos from 41.40 pesos, to 30.66 Thai baht from 30.55 baht and to SgUS$1.2316 from SgUS$1.2269.
The greenback was at 1,112.44 South Korea won from 1,110.25 won Friday and at TwUS$29.29 from TwUS$29.24, but it fell to 9,582 Indonesian rupiah from 9,589 rupiah.
The Australian dollar fell to US$1.0160 from US$1.0270, while China's yuan changed hands at 12.49 yen, against 12.43 yen.
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