http://www.washingtonpost.com/business/dollar-rises-against-euro-pound-yen-on-positive-us-jobs-data/2013/03/08/64fb9300-881d-11e2-b412-2e8596e7c927_story.html
This article talks about how the strong job report in the United States pushed the dollar higher against many other currencies. The euro is now $1.3005 changing from $1.3104. The lowest the euro has been is $1.2954 which was in December 2012. In other currencies, the British pound fell to $1.4936 from $1.5018. And also the dollar rose to $0.9511 Swiss franc from $0.9427. The dollar also fell to 95.82 from 94.85 Japanese yen, as well as the Canadian dollar falling from 1.0289 to 1.0287.
The Labor Department said that 236,000 jobs were added in February and the unemployment rate fell from 7.9% to 7.7% in January, which leads some economists to expect an addition 152,000 jobs.
The recently increase dollar value shows how our economy is recovering. More jobs have been successfully created throughout this last year. If this continues I wouldn't be surprised if the dollar becomes even stronger. This makes foreign exchange act more freely which can aid our economy.
ReplyDeleteI did an article that talks about how our economy is showing signs of recovery. It is good to see that our currency is becoming stronger against other foreign currencies. Mike makes a valid point, I agree that if our economy continues to grow our currency would become even stronger. With the dollar becoming stronger, businesses and firms could potentially exchanging foreign goods. It will be interesting to see how the dollar is doing later on in the year.
ReplyDelete