The euro continued to mount against the dollar Friday, January 5th, in New York, despite briefly weakening earlier in the day, as US employment figures were published.
At 2200 GMT, the euro was worth $0.9578 against $0.9497 Thursday in New York.
The single European currency continued to benefit from clouds hanging over the Japanese and US economies, poorer performance of which has taken its recent toll on the currencies of both countries.
The euro was selling at 111.63 yen against 109.84 Thursday.
And the yen plunged to its lowest against the dollar since July 1999, to 116.58 yen, compared with 115.68 a day earlier.
The euro slipped briefly to $0.9466 as US December jobless figures were issued, thereafter pursuing its upward course.
At four percent the US unemployment rate showed no change from the previous month, but the creation of 105,000 new jobs failed to reassure anyone.
Only 146,000 new jobs average were created per month last year, compared with more than 250,000 in 1999. That represents the weakest level since 1992, according to Merrill Lynch chief economist Bruce Steinberg.
But while the US economy has scope for further interest rate cuts in the weeks ahead, the options for the Japanese authorities are limited, economists said.
European statistics, moreover, continue to show stable growth in Europe, without growth being spectacular, according to Robert Sinche, an analyst with Citibank.
Economic confidence increased in the euro zone in December, having weakened in November, according to a monthly European Commission study, with industrial production prices 0.4 percent higher, compared with October, and 6.5 percent higher on the year.
Among other major currencies, the euro traded at 0.6370 pounds sterling versus 0.6324 Thursday in New York.—(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
