The Currency Converter

US Dollar Rate News: Unemployment data weakened the Dollar throughout the day

December 2nd, 2010

In the Us Non-farm productivity and poorer than expected unemployment data weakened the Dollar throughout the day’s trading. A commission set up by president Obama says US debt is the greatest threat to security, and urges sweeping spending cuts and tax reform. The National Commission on Fiscal Responsibility and Reform laid out an ambitious plan to cut the US budget deficit to 2.3pc of gross domestic product by 2015 from 9pc this year. The commission, which was appointed by President Obama, argues that savings need to be found in both defence and non-defence spending, as well as healthcare programmes such as Medicaid. “Our challenge is clear and inescapable: America cannot be great if we go broke,” the report, titled ‘The Moment of Truth’, said. Americans are counting on Congress to “put politics aside, pull together not pull apart, and agree on a plan to live within our means and make America strong for the long haul.”
Tomorrows Non-farm payrolls could see the further volatility depending upon the outcome.

Written by James Rowe

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