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World's Biggest Currency Trader Says Weak Jobs Means Weak Dollar
The dollar is looking down. Citigroup Inc., the top foreign-exchange trader by volume and one of the banks to correctly forecast a weaker-than-projected jobs report, said Friday’s data will cause the U.S. currency to depreciate. With the Federal Reserve less likely to raise interest rates amid global economic growth concern, the bank sees refuge currencies including the yen and the euro benefiting. The Bloomberg Dollar Spot Index declined to a two-week low after a Labor Department report showed the economy added 142,000 jobs in September, trailing forecasts of 201,000. The index was trading higher for the day just ... (full story)
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