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Dollar May Extend Losses on Weak Job Data, Credit Suisse Says

Aug. 5 (Bloomberg) -- The dollar may extend this week’s losses if data released tomorrow shows the U.S. lost more jobs than economists predicted this month, according to Credit Suisse Group AG.

“The next key event for the market will be the non-farm payrolls tomorrow, especially ahead of the Federal Reserve’s meeting next week,” Marcus Hettinger, a strategist at Credit Suisse in Zurich, said in a telephone interview. “If they are weaker than expected, then probably the dollar will continue to weaken.”

The dollar traded at $1.3177 as of 3:27 p.m. in London, from $1.3052 at the end of last week. It has weakened from $1.1877 on June 7, which was the strongest level since 2006.

More Americans than projected filed applications for unemployment insurance last week, Labor Department figures showed today in Washington, before tomorrow’s non-farm payrolls release. Payrolls probably fell 65,000, adding to a decline of 125,000 in June, according to a Bloomberg survey of economists.

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To contact the reporter on this story: Lukanyo Mnyanda in London at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net

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