Dollar mixed after US jobs data, Bernanke speech

AP News
Posted: Feb 02, 2012 3:58 PM
Dollar mixed after US jobs data, Bernanke speech

The dollar traded mixed against other currencies Thursday after the government said unemployment claims fell last week but Federal Reserve Chairman Ben Bernanke told lawmakers that the economic recovery is "frustratingly slow."

The Labor Department said the four-week average for unemployment applications dropped for the third straight week to 375,750, the second-lowest since June 2008. The results were a sign that the job market was improving.

Traders are awaiting Friday's U.S. employment report to see whether hiring increased in January. Economists expect that employers added 155,000 jobs last month and unemployment remained at 8.5 percent. In December, employers added 200,000 jobs.

The euro fell to $1.3141 in late trading Thursday from $1.3158 late Wednesday.

Bernanke also said Thursday that many threats remain to the recovery, including including Europe's debt crisis and the nation's rising debt. Bernanke made his comments while testifying to the House Budget Committee in Washington.

In other trading, the British pound fell to $1.5798 from $1.5836. The dollar fell to 76.16 Japanese yen from 76.22 yen.

The dollar rose to 0.9170 Swiss franc from 0.9157 franc and to 99.93 Canadian cents from 99.85 Canadian cents.

The U.S. currency rose against the Australian dollar, the Norwegian krone and the Hong Kong dollar but fell against the South Korean won, the Singapore dollar and the Brazilian real.