Dollar Climbed Slightly On Job Report

Dollar Climbed Slightly On Job Report
The dollar edged up slightly after a report from the Labor Department showed there were more jobs added than expected, easing worries that the impact of subprime mortgage crunch and slowing housing had spread into the broad economy. The dollar rose to 111.77 against the yen, while the euro remained firm above 1.46 versus the dollar.
Non-farm payrolls rose 94k in November, above the estimate of 75k. October¡¯s figure was revised from 166k to 170k, however September¡¯s figure was downwardly revised from 98k to 44k. The unemployment rate remains at 4.7%, and average earnings rose from 0.2% to 0.5%. The better-than-expected job report reinforced the expectations that the Fed may cut interest rates by a quarter-percentage point rather than a half-percentage point at its monetary policy meeting next Wednesday.
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