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Euro hits highest level in three weeks
The euro rose to a three-week high on Tuesday after a report showed a slowdown in the U.S. labor market, supporting the view that the Federal Reserve will cut interest rates.
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Economia Mercado
At 6:00 p.m. (Lisbon time), the euro was trading at 1.0763 dollars, when the day before it was trading at 1.0717 dollars.
The European Central Bank (ECB) set the euro exchange rate at 1.0744 dollars.
The Department of Labor announced today that the unemployment rate in the United States rose to 3.9% in April, one tenth more than the previous month and the economy created 175,000 new jobs.
Job creation was below what economists had expected and far from the 315,000 jobs in March.
This data suggests that the Federal Reserve's (Fed) restrictive monetary policy, with successive interest rate hikes until last summer, may finally be slowing down the labor market and giving investors hope for a rate cut by the central bank by the end of the year.
In the eurozone, the unemployment rate slowed to 6.5% in March, after being at 6.6% the previous month, according to Eurostat.
Read Also: Wall Street rises after slowdown in US employment (Portuguese version)
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