Dollar, Global Stocks Rise As U.S. Jobs Data Boosts Taper Talk
Published 2013-12-08 08:11:04| Amwal Al Ghad English
Global equity markets surged and the dollar rose against the yen on Friday after stronger-than-expected U.S. jobs data gave investors confidence the economy is strong enough to withstand an expected reduction in Federal Reserve stimulus. The Labor Department's monthly report on the main U.S. employment indicator -- nonfarm payrolls -- bolstered the view that the jobs market in the world's biggest economy is on the mend and that the Fed will soon begin reducing its stimulus. The debate over when the Fed will start to reduce the flow of cheap money has dominated markets worldwide for months. A total of 203,000 jobs were added in November, beating expectations for 180,000, while the unemployment rate dropped three-tenths of a percentage point to a five-year low of 7 percent. The dollar jumped to session highs against the yen and stocks on Wall Street surged, with the Nasdaq setting a record intraday high for the year and the Dow and S&P rising more than 1 percent.
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Get To Know
Yehia Hamed Abdel Samea was named on May 7th as Egypt’s new minister of Investment, succeeding Dr. Osama Saleh. Early Life & Education: Born in 1978, Abdel Samea graduated from the Faculty of Al-Alsun (Foreign Languages) in 1999. He has obtained his master’s in Public Administration, from the Arab Academy for Science and Technology. The new minister has also obtained a Sales Diploma from the American University in Cairo (AUC). Abdel Samea was active in some of community service organizations mainly working on learning youth and micro financing. Early Career: Abdel Samea is Advisor for the Egyptian presidency for projects management and governmental co ordination. He is also a co-founder of the foreign relations committee, of the Muslim Brotherhood’s political party Freedom and Justice (FJP).
The table below shows the exchange rates of the Arab and foreign currencies against the Egyptian pound on early Sunday:
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