Dollar dives to fresh lows as market shrugs off job growth
Sunday, 4 November 2007
NEW YORK, Nov 3 (AFP): The dollar dived to a fresh record low against the euro yesterday as foreign exchange speculators appeared to shrug off an upbeat economic report which revealed a surprisingly strong surge in US job creation.
The already ailing dollar tumbled to a fresh lowpoint against the euro in Friday afternoon trading as traders continued to fret about US economic prospects amid a housing slump and credit woes.
The single European currency was switching hands at 1.4504 dollars in afternoon trading, up from 1.4422 late Thursday. The euro, however, had surged to a record 1.4528 dollars in earlier trading Friday.
The dollar gained some ground against the yen, rising to 114.65 yen in afternoon deals, compared with 114.54 yen a day earlier.
The British currency rose to 2.0888 dollars at 1905 GMT from 2.0793 Thursday.
The Canadian dollar meanwhile spiked nearly two per cent to a record high against the US dollar of 1.0723.
In afternoon trade, the dollar was at 1.1529 Swiss francs, down from 1.1575 a day earlier.
But the dollar fell against other currencies including the British pound and Canadian dollar, continuing a months-long decline.
The dollar fell despite a government report showing US employment growth accelerated in October as 166,000 new jobs were created. The survey suggested the US economy is weathering housing and credit woes.
The already ailing dollar tumbled to a fresh lowpoint against the euro in Friday afternoon trading as traders continued to fret about US economic prospects amid a housing slump and credit woes.
The single European currency was switching hands at 1.4504 dollars in afternoon trading, up from 1.4422 late Thursday. The euro, however, had surged to a record 1.4528 dollars in earlier trading Friday.
The dollar gained some ground against the yen, rising to 114.65 yen in afternoon deals, compared with 114.54 yen a day earlier.
The British currency rose to 2.0888 dollars at 1905 GMT from 2.0793 Thursday.
The Canadian dollar meanwhile spiked nearly two per cent to a record high against the US dollar of 1.0723.
In afternoon trade, the dollar was at 1.1529 Swiss francs, down from 1.1575 a day earlier.
But the dollar fell against other currencies including the British pound and Canadian dollar, continuing a months-long decline.
The dollar fell despite a government report showing US employment growth accelerated in October as 166,000 new jobs were created. The survey suggested the US economy is weathering housing and credit woes.