Euro up in Asian trade

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SINGAPORE: The euro rose against the dollar in Asian trade Monday as a better-than-expected US April jobs report boosted hopes of resurgent growth in the world's biggest economy, analysts said.

The euro was trading at $1.3125 in mid-morning Asian hours from $1.3116 in New York trade late Friday. The single currency was also buying 130.05 yen from 129.80 yen

The dollar was up to 99.08 yen from 99.00 yen.

Japanese financial markets were closed on Monday for a holiday.

"The euro is recovering well after the ECB rate cut," said Philip Wee, senior currency economist at DBS Group Research in Singapore

The European Central Bank last week cut interest rates by a quarter-point to a record low of 0.50 percent as part of efforts to boost demand and help the debt-stricken eurozone escape from recession.

"There is also support from the better-than-expected non-farm payroll data from the US last week," Wee said.

The US labor department on Friday reported the US economy added 165,000 jobs in April, and revised sharply upwards its numbers for the previous two months, helping to send the unemployment rate down to 7.5 percent.

The data offered a significantly brighter picture of the jobs situation than that for March.

Courtesy: The News


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