Dollar gets lift vs. rivals from economic data

MarketWatch ^ | May 2, 2008 3:49 p.m. EDT | Lisa Twaronite, MarketWatch

[Ernest_at_the_Beach]

SAN FRANCISCO (MarketWatch) -- The dollar was up against most other major currencies Friday, though down from session highs, after government data showed that the U.S. labor market and factory orders were not as weak as expected.

The economy lost 20,000 nonfarm payroll jobs last month, according to a survey of business establishments, much less than the 81,000 lost in March and way below the 78,000 decline expected by economists surveyed by MarketWatch. See Economic Report.

"The unemployment rate also dropped from 5.1% to 5.0%, triggering a widespread dollar rally. The better-than-expected NFP number will help to confirm the near-term bottom in the U.S. dollar," wrote Kathy Lien, chief strategist at DailyFX.com.

The dollar index, which measures the U.S. unit against a basket of six major currencies, was at 73.525, up from 73.276 in late North American trading Thursday but below an earlier session high of 73.698.

The euro bought $1.5412, down from $1.5457 late Thursday but above its session low of $1.5360. See real-time currency prices.

The dollar was buying 105.31 yen, up from 104.35 yen late Thursday but below a Friday session high of 105.69 yen.

The British pound bought $1.9730, down from $1.9748 Thursday.

[redstateconfidential]

Umm,.ahhh,..the sky is not falling..?...umm okay...

[P-Marlowe]

Umm,.ahhh,..the sky is not falling..?...umm okay...

The sky is done falling. It has entered a recession.

[Ernest_at_the_Beach]

So you buy the Dem and MSM party line?

[ConservativeMind]

Technically, it’s impossible to say we are yet in a recession.

At least, not from any definition that’s been used from prior years, with which we must compare.

[P-Marlowe]

So you buy the Dem and MSM party line?

I think you misread my post. The economy is doing fine. It is the sky that has entered a recession.

BTW this is the Democrat Party Line:

[Vanbasten]

It depends what you consider a recession I guess.

The U.S. in modern times has had milder and milder recessions.The NBER though, has lowered the bar for the term recession.

[redstateconfidential]

Okay maybe where you live, not around here,..sorry.

[b4its2late]

The business cycle is just not a cycle anymore.

[Candor7]

We will show the Bush Corporate Illegal Alliance that it does not pay to lie and cheat the American People. We will CREATE a recession, by invoking the principle: It all depends on what "IS" is.( sarc.)

Your MSM media at work, creating a fantasy world, one fact at a time.