* U.S. economy loses 701,00 jobs in March
* Dollar index set to gain nearly 2.5% for the week
* Graphic: World FX rates in 2020 https://tmsnrt.rs/2RBWI5E
(Adds U.S. jobs data, new analyst comment, FX table, updates prices, changes byline, dateline; previous
LONDON)
By Gertrude Chavez-Dreyfuss
NEW YORK, April 3 (Reuters) - The dollar resumed its climb against major currencies on Friday as
investors took refuge in safety bids amid worsening economic fallout from the coronavirus pandemic.
"As we see poor data coming in from Europe, UK, Italy, if you're trying to be rushing anywhere, it
would be U.S. Treasuries and the U.S. dollar as a safe haven," said John Doyle, vice president of dealing
and trading at Tempus Inc in Washington.
The dollar largely shrugged off the U.S. non-farm payrolls report that showed massive job losses of
701,000 last month, compared with expectations of 100,000 lost employment.
March's job contraction abruptly ended historic 113 straight months of employment growth. The Labor
Department also February's number to 275,000 job gains. The unemployment rate rose to 4.4% from 3.5% the
previous month. "Today's jobs number and yesterday's jobless claims report paint a picture of how bad things can
actually be," Doyle said. "But we're expecting things to be very poor, which is why you're seeing limited
reaction in the currency market so far."
U.S. initial claims for unemployment benefits rose to 6.65 million in the latest week from an
unrevised 3.3 million the previous week. The figures far exceeded the median estimate of 3.50 million in a
Reuters survey of economists.
In mid-morning trading, the U.S. dollar index was up 0.6% at 100.78 =USD . The index was is on course
for a near 2.5% gain over the week, having whipsawed last month from highs on a scramble for cash before
slumping as the U.S. Federal Reserve flooded the market with liquidity.
The Japanese yen, Swiss franc, euro, sterling and the Australian and New Zealand dollars all also lost
ground as the dollar strengthened across the board. JPY=EBS CHF=EBS GBP=D3 AUD=D3 NZD=D3 .
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Currency bid prices at 9:08AM (1308 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR= $1.0782 $1.0856 -0.68% -3.82% +1.0864 +1.0776
Dollar/Yen JPY= 108.5700 107.9000 +0.62% -0.27% +108.6700 +107.8100
Euro/Yen EURJPY= 117.07 117.13 -0.05% -4.00% +117.3800 +116.7400
Dollar/Swiss CHF= 0.9783 0.9736 +0.48% +1.08% +0.9795 +0.9729
Sterling/Dollar GBP= 1.2249 1.2392 -1.15% -7.62% +1.2410 +1.2244
Dollar/Canadian CAD= 1.4132 1.4131 +0.01% +8.82% +1.4224 +1.4116
Australian/Doll AUD= 0.5997 0.6059 -1.02% -14.57% +0.6075 +0.5981
ar
Euro/Swiss EURCHF= 1.0551 1.0566 -0.14% -2.77% +1.0577 +1.0544
Euro/Sterling EURGBP= 0.8800 0.8754 +0.53% +4.09% +0.8808 +0.8742
NZ NZD= 0.5856 0.5916 -1.01% -13.06% +0.5922 +0.5844
Dollar/Dollar
Dollar/Norway NOK= 10.4421 10.3582 +0.81% +18.98% +10.4619 +10.3830
Euro/Norway EURNOK= 11.2623 11.2798 -0.16% +14.48% +11.3347 +11.2306
Dollar/Sweden SEK= 10.1752 10.0744 -0.06% +8.86% +10.1799 +10.0928
Euro/Sweden EURSEK= 10.9702 10.9769 -0.06% +4.79% +10.9810 +10.9250