Euro, Oil gain
Lacklustre US data led to euro strengthening against the dollar while Oil prices climbed on Tuesday. The rise in oil can be attributed to euro’s recovery against the dollar because oil, which is traded in dollars, is automatically correlated with any price changes on the dollar. The single currency climbed to $1.3047 late Monday. Despite the euro’s poor form, a majority of Germans are opposed to returning to the Deutschemark, a recent poll finds. A whopping 69 per cent of Germans want their country to stay in the eurozone.
Across the pond, US data showed extremely poor data from the Labor Department, had a significant impact on the country’s economy which has been trending upwards in recent months. Although the country’s unemployment fell to 7.6 per cent, its lowest since 2009, only 88,ooo jobs were added during the month of March. Such meagre numbers are poison to president Obama’s recovery efforts which have been gaining traction recently.