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02.06.2011 10:39

EU focus: Dollar awaits Payrolls

The dollar hovered near a one-month low versus a currency basket on Thursday after dismal U.S. economic data stoked fears the country's recovery will be slow, and weak Friday's payrolls may spark more losses.
The euro edged up, clawing back after Moody's on Wednesday slashed its rating on Greece.
The dollar smarted after data on Wednesday showed U.S. companies hired far fewer workers than expected in May and output in the manufacturing sector slowed to its lowest since 2009.
A weak reading of key U.S. nonfarm payrolls on Friday may trigger more dollar losses as it would fuel speculation of the need for more stimulus after a second round of quantitative easing by the Federal Reserve ends this month.

The euro was supported even after Moody's on Wednesday cut Greece's credit rating by three notches to Caa1 on debt restructuring worries.
The euro recovered back as currency investors are optimistic that European officials will reach an agreement on how to help Greece repay its debt.

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