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U.S. dollar plunges against major currencies on weak job data |
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09:25, September 08, 2007 |
The U.S. dollar tumbled to a 15- year low against major currencies on Friday after a report showed U.S. employers cut payrolls for the first time since 2003.
The Labor Department reported that the U.S. non-farming payroll employment figure dropped by 4,000 in August, the first decline since the same month of 2003.
The report spurred investors' concern that fallout from subprime mortgage defaults may push the country into a recession.
The dollar dropped to 113.34 Japanese yen from 115.29 yen late Thursday. The euro rose to 1.3768 dollars in New York trading from 1.3687 dollars, while the British pound rose to 2.0279 dollars from 2.0231 dollars late Thursday.
Source: Xinhua
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