Jobs report helps greenback

Story link: Jobs report helps greenback

The US dollar strengthened again Wednesday after a private report showed that 9,000 new jobs were added in the United States in July, ahead of the official Labor Department report on jobs, which is due Friday.

The greenback was also helped by more declines in oil prices.

At around 11 a.m in New York, the dollar traded at $1.5557 to the euro while it took ¥108.2200 to buy a greenback.

The Australia and New Zealand dollars were also both lower in relation to the US dollar after home building approvals dropped for the second consecutive month in Australia and on comments from the governor of the Reserve Bank of New Zealand, who said that the weak economy there will bring inflation down.

Interest rate cuts are expected in the coming year for both currencies.

In late morning trade in New York, the Aussie was worth 94.25 cents US, while it took 73.39 cents US to buy a New Zealand dollar.

The South African rand weakened in relation to the greenback and the euro as importers there bought foreign currencies and on the growth of inflation there to an annual rate of 11.6 percent in June.

The rand traded at $7.3965 to the US dollar and at R11.511 to the euro at late morning in New York.