Dollar Spikes Against Euro After Payrolls

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Dollar Spikes Against Euro After Payrolls

Edward
The dollar strengthened versus the euro after U.S. payrolls data disappointed Friday.

U.S. May jobs came in at a very weak 69,000 increase, with a rise in the unemployment rate to 8.2%.

The dollar slid below Y78 while the euro went below Y96, marking the euro's lowest level against the Japanese currency since November 2000.

EUR/USD at 1.2330, according to EBS via CQG.

The dollar is at Y78.07.

The weakness in the U.S. economy is bound to spur talk of the Federal Reserve stepping in with its bond-buying program to boost the economy. This would, however, flood the economy with dollars and weaken it.

wsj