Dollar up on job data |
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| Finance | |
| Written by Paul Williams | |
| Friday, 03 July 2009 | |
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Forex and Commodities: crude tumbles and dollar rises. Crude prices continued to tumble lower after poor jobless data raised concerns about the demand for oil. Another 467,000 people joined the queue for work last month, far more than the 365,000 predicted. The unemployment rate rose for the ninth month in a row to 9.5%, pretty much matching expectations. The data raised concerns about the economy and in turn the demand for oil.Traders were also still selling following yesterday's inventory figures, which showed gasoline stocks rose by 2.3m barrels to 211.2m. US crude settled down $2.58 to $66.73 a barrel. Gold also fell on weaker oil prices, while a firmer dollar also weighed. Dollar rose as concerns about the economy pushed investors to the safety of the currency, reducing gold's appeal as an investment alternative. August gold ended down $10.30 at $931 an ounce. Dollar rises on jobs dataDollar gained against the euro as the US jobless figures dropped larger-than-expected, which raised concerns about the currency. Another 467,000 people joined the queue for work last month, far more than the 365,000 predicted. The unemployment rate rose for the ninth month in a row to 9.5%, pretty much matching expectations. Concerns about the economy pushed investors to the safety of the dollar. The euro was down against the dollar after the ECB kept interest rates on hold. Afterwards ECB president Jean-Claude Trichet’s comments suggested interest rates will remain at a record low for the coming months. Meanwhile, unemployment in the eurozone rose to a 10-year high of 9.5% in May from 9.3% in the previous month as another 273,000 people lost their jobs in the period.
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