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With Greece once again on the brink and the rest of southern Europe still in a critical condition, it is little wonder that traders have started turning away from the euro once more. For the most part the dollar has been the major beneficiary of this fresh uncertainty, especially over recent days. Friday’s very encouraging employment report also provided the greenback with a real boost, one which could help sustain it in the near term. At a time when unemployment throughout much of Europe is growing, the pattern of rising employment evident in the US over recent months represents a particularly sharp contrast. Also, a more robust US labour market may result in a reappraisal of the necessity for more QE.
Should we see further evidence that recovery in the US is taking hold then the dollar must surely benefit.
