Dismal NFP Props up USD
By Korman Tam
05 February 2010 @ 02:44 pm EDT
The highly anticipated US labor report sparked further losses in the equity markets, oil and commodities while pushing the dollar sharply higher against the majors. The greenback surged against the euro, pushing the single currency below the 1.36-level for the first time since May 2009 at 1.3587 and advancing to an 8-month high versus the pound to 1.5564. The US equity markets extended its slide with the Dow Jones breaching the 10,000-mark, losing more than 1.5% to 9,848 and the S&P 500 plummeting by over 1.7% to 1,045. Meanwhile, crude oil traded below the $70-per barrel mark while spot gold tumbled to $1,050.
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