Dollar rises after US, Europe jobs data

AP News
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Posted: May 02, 2012 3:56 PM
Dollar rises after US, Europe jobs data

The dollar rose against most major currencies Wednesday on disappointing jobs data from Europe and the U.S.

Traders tend to buy what they consider safer currencies, such as the dollar, when they are worried about the global economy.

The euro fell to $1.3165 in late trading Wednesday from $1.3228 late Tuesday.

Payroll provider ADP said that U.S. businesses added just 119,000 jobs in March, compared to 201,000 in April. The report only covers hiring in the private sector and can vary sharply from the government's broader employment report, which will be released Friday.

Separately, the unemployment rate in the 17 countries that use the euro rose to 10.9 percent in March, the highest level since 1999.

In other trading Wednesday, the British pound fell to $1.6197 from $1.6220 late Tuesday. The dollar rose to 0.9132 Swiss franc from 0.9079 Swiss franc and to 98.66 Canadian cents from 98.52 Canadian cents.

The dollar also strengthened against the Australian and New Zealand dollars, the Norwegian krone, the Hong Kong dollar and the Brazilian Real.

The dollar fell to 80.17 Japanese yen from 80.20 yen.