FX round-up: Dollar rebounds after lows

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Date: Monday 10 Mar 2008

LONDON (ShareCast) - The dollar slipped to new lows against the euro on February employment figures but moved back up again after the Federal Reserve said it will inject some cash to banks.

The currency slipped after the government reported that 63,000 jobs were shed last month against expectations of a 25,000 increase. It is the largest monthly decline since March 2003 and follows a loss of 22,000 jobs in January

But the slide of the greenback was halted on news that the Fed would increase the size of its March 10 and 24 auctions to banks from $30bn to $50bn each. It also announced it would increase its Term Auction Facility by $100bn

Sterling was on the whole unchanged after jumping on Thursday, following the Bank of England’s decision to keep interest rates on hold.

Pay awards held steady in the three months to end February possibly giving the Bank of England some leeway as it considers more interest rate cuts.

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