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US Dollar Falls Further Against European Majors

12:10, 3rd August 2012

(RTTNews) - During North American mid-day trading on Friday, the US dollar traded further lower against most of its major European counterparts following the release of U.S. jobs data for July.

According to a report released by the Labor Department today, non-farm payroll employment increased by 163,000 jobs in July following a downwardly revised increase of 64,000 jobs in June.

Economists had expected employment to increase by about 100,000 jobs compared to the addition of 80,000 jobs originally reported for the previous month.

The results of the Institute for Supply Management's survey showed that its non-manufacturing index crept up to 52.6 in July from 52.1 in June, with a reading above 50 indicating growth in the service sector. The increase surprised economists, who had expected the index to edge down to a reading of 52.0.

At present, the greenback is trading near 1.2393 against the euro, 0.9697 versus the Swiss franc and 1.5659 against the British pound, compared to yesterday's closing values of 1.2182, 0.9863 and 1.5517, respectively.

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