Euro and Swissy: Fresh All Time Highs
February 28th, 2008I still have to milk the cow later, but it’s nice to see the blinking numbers and squiggly lines going my way.
Via: Wall Street Journal:
The euro and the Swiss franc rocketed to fresh all-time highs against the dollar Thursday morning after U.S. data showed a rising number of workers filing for jobless benefits.
Initial claims for jobless benefits rose by 19,000 to 373,000 in the week that ended Feb. 23, the Labor Department said Thursday in its weekly report. Economists were only expecting an increase of 4,000.
“That move back up to 373,000 in claims keeps the uptrending claims intact, and suggests the labor market is deteriorating and the risk of recession continues to rise as we get further signs of market deterioration,” said Adam Boyton, currency strategist for Deutsche Bank in New York.
After the data, the euro climbed to $1.5155, an all-time high against the dollar, while the dollar fell against the Swiss franc to 1.0565 francs, also a record.
The dollar remains under serious pressure heading into the second day of testimony on Capitol Hill Thursday by Federal Reserve Chairman Ben Bernanke.
Early Thursday, the euro was at $1.5139 from $1.5135 late Wednesday, while the dollar was at 105.84 yen from 106.34 yen. The euro was at 160.22 yen from 160.95 yen, according to EBS. The U.K. pound was at $1.9865 compared with $1.9816, and the dollar was at 1.0574 Swiss francs from 1.0613 francs.
