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Dollar hits 5-month low vs euro

By AFP

Added 1st April 2016 08:29 AM

Traders were bracing for Friday's US jobs report to see if one of the economy's strongest points, the labor market, is showing cracks.

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Traders were bracing for Friday's US jobs report to see if one of the economy's strongest points, the labor market, is showing cracks.


The dollar sank to a five-month low against the euro Thursday, suffering from Federal Reserve Chair Janet Yellen's comments suggesting the global slowdown would delay a US interest rate increase.

Traders were bracing for Friday's US jobs report to see if one of the economy's strongest points, the labor market, is showing cracks.

Kathy Lien of BK Asset Management said the dollar had clawed back some ground toward the end of the day, possibly a sign investors were hoping a strong jobs report would boost the US currency.

The Labor Department reported initial US jobless claims rose by 11,000 last week, more than analysts expected, but still in a historically low trend.

The dollar sank to $1.1412 per euro, its lowest level in five and a half months, before paring back the loss to $1.1377 per euro by session's end.

"Non-farm payrolls is only important when it can be a game changer for Federal Reserve policy but Janet Yellen made it very clear that they have no intention of raising interest rates in April and unless there's significant improvements at home and abroad, rates will remain steady in June as well," Lien said.

2100 GMT Thursday  Wednesday

EUR/USD 1.1377  1.1337

EUR/JPY 128.11  127.44

EUR/CHF 1.0943  1.0942

EUR/GBP 0.7922  0.7884

USD/JPY 112.60  112.41

USD/CHF 0.9618  0.9652

GBP/USD 1.4363  1.4379

 

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