FX round-up: Dollar rises

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Date: Friday 04 Jul 2008

LONDON (ShareCast) - US dollar pushed ahead on Friday despite the weak jobs data while the European Central Bank decided to raise interest rates by a quarter point.

US non-farm payrolls declined by 62,000 in June, following an upwards revised 62,000 fall in May. Traders however seemed relieved that the fall was not any bigger.

Meanwhile, the weekly jobless claimants rose to over 400,000 to underline the weakness of the jobs market.

The ECB raised interest rates to 4.25% with president Jean-Claude Trichet saying the rise will help bring inflation back below 2%, which suggests there may be no more increases in the near future.

Sterling fell against the dollar after a soft services data. CIPS index of service sector activity fell to 47.1 in June from 49.8 in May, with economists suggesting it is further evidence of the UK economy sliding towards recession.

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