Reuters: US Dollar Report: GLOBAL MARKETS-Dollar off on US data, ECB plan cuts Spain yields

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GLOBAL MARKETS-Dollar off on US data, ECB plan cuts Spain yields Sep 7th 2012, 14:08 Fri Sep 7, 2012 10:08am EDT * U.S. jobs data disappoint; dollar slides * European shares gain on ECB plan * Spanish 10-year bond yields at lowest since May By Luciana Lopez NEW YORK, Sept 7 (Reuters) - The dollar slid after weak U.S. jobs data fueled expectations of more easing from the Fed on Friday but measures by the European Central Bank to tackle the region's debt crisis helped lift stocks elsewhere as Spanish bond yields fell to four-month lows. U.S. stocks seesawed at the open as investors weighed the chances that the Federal Reserve could launch another round of quantitative easing, pumping money into the world's biggest economy in an effort to boost growth. Speculation of such easing got a boost after data showed U.S. nonfarm payrolls increased by 96,000 last month, well below forecasts for 125,000 new jobs, while the unemployment rate dropped to 8.1 percent from 8.3 percent in July as people left the workforce and gave up the search for work. The greenback fell 0.74 percent to 80.441 against a basket of major currencies. The euro touched around a four-month high against the dollar of $1.2777 before more recently trading at $1.2756. "This weak employment report, in jobs, wages, hours worked and participation is probably the last piece the Fed needs before launching another round of quantitative easing next week," said Joseph Trevisani, chief market strategist at Worldwide Markets in Woodcliff Lake, New Jersey. "QE will boost equities, damage the dollar and do little for the economy, but what else can an activist Fed do?" U.S. equities were mixed after closing at multi-year highs in the previous session. The Dow Jones industrial average gained 22.23 points, or 0.17 percent, to 13,314.23. The Standard & Poor's 500 Index gained 4.65 points, or 0.32 percent, to 1,436.77. The Nasdaq Composite Index dropped 0.26 point, or 0.01 percent, to 3,135.55. The benchmark 10-year U.S. Treasury note was up 19/32 in price, with the yield at 1.6113 percent. European stocks advanced after the ECB on Thursday unveiled a new plan for potentially unlimited bond buying, which it hopes will lower the borrowing costs for heavily indebted nations like Spain and Italy and ease fears over the future of the euro. Ten-year Spanish bond yield slid to 5.789 percent, their lowest since early May. The FTSEurofirst 300 equity index rose to 1,107.27, up 0.23 percent on the day. The MSCI world equity index climbed 1.03 percent to 329.68. The index is back to its level of early May, when demand was still being supported by a massive injection of cheap three-year funds into the banking system by the ECB. Link this Share this Digg this Email Reprints

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