Job Data Drives Dollar Down

The dollar touched another 3-1/2-year high against the mark Thursday before retreating to end mostly lower on surprisingly weak U.S. jobs data and selling ahead of the three-day July 4 weekend. The pound surged for the fourth straight day.

Traders said the British currency was likely to keep strengthening on the widening expectations that interest rates in Britain must rise, perhaps as early as the Bank of England’s policy-making meeting next Thursday, to thwart inflationary pressure in Britain’s vibrant economy. Rising rates tend to enhance a currency’s value.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7283 1.3730

France .1693 5.9055

Germany .5703 1.7535

Great Britain 1.6906 .5915

Italy .000587 1705.00

Japan .008787 113.80

Mexico .125770 7.9510