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FX round-up: Dollar jitters after Fed speech

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Date: Thursday 03 Apr 2008

LONDON (ShareCast) - The dollar fell against most major currencies as investors took in a rather dismal picture of the US economy with Ben Bernanke’s testimony to Congress.

The Federal Reserve chairman said that the US economy may contract in the first half of 2008 and that the outlook for US economic growth has deteriorated since January. He added the chances of hitting a recession cannot be ruled out.

The gloom was lifted a little by an upbeat economic report about jobs. An ADP report showed US private-sector companies added 8,000 jobs in March. The report comes in ahead of key government data on nonfarm payrolls for March.

In other economic data the Commerce Department showed orders for US made factory goods fell for the second consecutive month in February, with factory shipments reaching their lowest level since September 2006.

The dollar managed to hold gains against the yen but fell against the euro and sterling. Sterling improved against the euro.

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