March 4, 2009

DAILY FOREIGN EXCHANGE MARKET SUMMARY

04 March 2009 @ 01:19 pm EDT

The US dollar strengthened against the euro and yen but weakened against a basket of currencies. Data released by ADP this morning showed the private sector cut 697,000 jobs in February, which suggests continued deterioration of the US labor markets. Furthermore, data from the Institute for Supply Management showed non-manufacturing index came in at 41.6 in February versus 42.9 in January, indicating a contraction in the service sector. A level of 50 separates expansion from contraction.

For more market reports go to Union Bank of California

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