U.S. dollar drops in forex trading on employment data, oil prices gain in commodities trading
Since the beginning of the year a total of 605,000 jobs have been cut and we expect at least another two or three months of negative job growth before the labor market hits a bottom
After sliding dramatically earlier today, oil prices are paring losses right now. Oil prices are making a turnaround attempt as the U.S. dollar drops in forex trading on the dismal news about unemployment. Indeed, the dismal employment news is one of the main factors affecting most markets today, and causing problems for the U.S. dollar.
"The outlook for global economies is looking far from rosy, and is
fueling concerns over demand destruction and pushing oil prices
lower," he said. "OPEC is set to meet on Sept. 9, with many market
participants expecting them to reduce production to prevent
oversupply."
