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U.S. dollar dragged down by soft job data |
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11:14, January 05, 2008 |
The U.S. dollar dropped against most major currencies Friday after a government report showed weaker-than-expected job growth and a rise in the unemployment rate in December.
The Labor Department reported that employers raised payrolls by only 18,000 and that the nation's unemployment rate rose to its highest level since November 2005.
The report deepened recession fears and increased investors' sentiment that another Federal Reserve interest cut was forthcoming.
The dollar sank against the Japanese yen and the Swiss franc as investors wary of global fallout from U.S. economic troubles cut back on risky carry trades.
The euro was worth 1.4773 dollars in late New York trading, up from 1.4744 dollars Thursday. The pound edged down to 1.9723 dollars from 1.9732 dollars.
The dollar fell to 108.45 yen from 109.33 yen late Thursday, and dipped to 1.1056 Swiss francs from 1.1114 Swiss francs. It rose to 1.0018 Canadian dollars Friday from 99.04 Canadian cents.
Source: Xinhua
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