AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

The dollar fell on Friday after a report showed the US economy shed jobs for a third straight month, confirming fears that the country may already be in a recession. Both the euro and yen posted gains on the greenback after the government said US employers cut 80,000 jobs in March, more than expected and the biggest monthly fall in five years.
The dollar had recovered most of its earlier losses by late afternoon, however, as traders said the data did not come as a big surprise to a market that has long expected the Federal Reserve to cut interest rates again late this month.
"The jobs data was pretty horrible, but I think yesterday's jump in weekly jobless claims gave people a good inkling that today's report was not going to be good," said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.
"Most of the negatives for the dollar and the US economy are already priced in, and there's a feeling that we may be reaching a bottom in the dollar," he added. In late trade, the euro was up 0.3 percent at $1.5728. It had climbed as high as $1.5774 after the jobs data but ran into aggressive selling at that level.
The dollar was at 101.58 yen, 0.7 percent below late Thursday, and fell 0.4 percent to 1.0060 Swiss francs. But it was up 3 percent against the Japanese currency on the week, on track for its biggest weekly gain since 2004. The dollar index, which measures the greenback against a basket of major currencies, ended the week 0.5 percent higher.
Shaun Osborne, chief currency strategist at TD Securities in Toronto, said some traders were looking to trim bets in favour of the euro ahead of a European Central Bank meeting on Thursday.
The ECB is expected to hold interest rates at 4 percent, but a string of recent weak euro zone data has traders waiting to see if President Jean-Claude Trichet softens his stance on inflation, which could signal a rate cut later this year. Steady euro zone rates at a time when the Fed has slashed US benchmark rates from 5.25 percent to 2.25 percent in recent months have boosted the euro's appeal over the dollar.
Osborne said the euro will probably settle into a $1.55-$1.58 range next week, though he said the dollar remained at risk should US economic data worsen or another Wall Street bank fall prey to massive mortgage-related losses.
"I still find it hard to believe we are done and dusted with the move up (in the euro)," he said. "We've had many false dawns before, and I think we need a more important catalyst than just saying that the US bad news is priced in before the dollar recovers."
The deteriorating employment situation in the United States also remains a concern, particularly a jobless rate that the government's data on Friday showed jumped to 5.1 percent from 4.8 percent.
"Today's jump in unemployment to 5.1 percent may well be a harbinger of things to come," said Michael Woolfolk, senior currency strategist at the Bank of New York Mellon. Elsewhere, the Australian dollar managed a 0.6 percent gain against its US counterpart despite an unexpected dip in Australian February retail sales data.
The US dollar was up 0.4 percent against the Canadian dollar after an early Canadian government report showed that Canada's unemployment rate rose more than expected, fuelling expectations for rate cuts from the Bank of Canada.

Copyright Reuters, 2008

Comments

Comments are closed.