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Dollar jumps amid job data, ECB decision

05-06-2011 09:10 BJT

NEW YORK, May 5 (Xinhua) -- The U.S. dollar surged against major currencies in late New York trading on Thursday as the European Central Bank (ECB) decided to leave key interest rate unchanged.

The ECB maintained its benchmark interest rate at 1.25 percent in its monetary policy meeting on Thursday, after raising it by 25 basis points at its April meeting in order to fend off inflation.

Jean-Claude Trichet, the president of the ECB, said the decision was unanimous and the ECB's governing council was not " precommitted" to future moves. His comments made investors believed that there would not be another interest rate hike soon by the ECB.

The euro was hurt by Trichet's comments and fell sharply to below 1.46 against the dollar in late trading session from 1.4849 late Wednesday.

Meanwhile, the Bank of England also decided to maintain the official bank rate paid on commercial bank reserves at 0.5 percent, as recently released data showed the economic recovery in Britain was still weak.

The British pound also slumped against the greenback following the central bank's decision.

The dollar pared gains in later trading session as job data hurt investors' confidence. The number of people who filed initial requests for jobless benefits rose surprisingly to a seasonally adjusted 474,000 in the week ended April 30, according to the U.S. Labor Department, raising concerns that unemployment data for April due out on Friday might be weaker than forecast.

In late Thursday trading, the dollar bought 80.19 yen, comparing with 80.58 late Wednesday, and the euro fell to 1.4530 dollars from 1.4849.

The British pound also fell to 1.6379 dollars from 1.6517. The dollar rose from 0.8600 to 0.8704 against Swiss francs, and also rose to 0.9690 Canadian dollars from 0.9577.

 

Editor:Du Xiaodan |Source: Xinhua

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