Dollar soars as US jobs data strengthen case for September rate hike
AFP, September, 2004
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LONDON (AFP) — The dollar was sharply higher against major currencies after US employment data came in firm enough to strengthen expectations that the US Federal Reserve will raise interest rates at its next meeting.
The single European currency stood at 1.2048 dollars against 1.2174 late on Thursday in New York.
The dollar traded at 110.44 yen from 109.44 on Thursday.
The highly anticipated US data shows that non-farm payrolls rose 144,000 in August, close to expectations for a rise of about 150,000.
Additionally, the increases seen in June and July -- both of which were particularly weak -- were revised higher by a cumulative 59,000 jobs.
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Another positive factor was a fall in the unemployment rate to 5.4 percent, the lowest rate since October 2001, from 5.5 percent in July.
"Taken together with revisions and lower than expected unemployment rate the outcome ...
