NEW YORK - The dollar and yen rose on Friday after a disappointing U.S. jobs report boosted safe-haven demand for the two currencies. U.S. employers cut a deeper-than-expected 190,000 jobs in October, government data showed, driving the unemployment rate up to its highest in 26-1/2 years at 10.2 percent. For details, see ¨ûID:nN04495174¨ü.
¡°The real shocker is the unemployment rate,¡± said Joseph Trevisani, senior market analyst at FX Solutions in Saddle River, New Jersey. ¡°Should be good for the dollar on risk aversion trade.
¡°The Fed will stay on hold even longer with less likelihood of giving a concrete answer to when and how to withdraw quantitative easing,¡± he added.
The dollar fell to 90.07 yen after the jobs report, according to Reuters data, and last traded 0.6 percent lower at 90.18 yen .
The euro was down 0.3 percent on the day at $1.4835 , and was also down 0.9 percent against the yen at 133.79 yen .
¡°It¡¯s pretty disappointing overall and that¡¯s why we¡¯re seeing the euro and dollar/yen fall,¡± said Richard Franulovich, senior currency strategist at Westpac in New York.
