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FX round-up: Dollar hurt by jobs data

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Date: Sunday 06 Apr 2008

LONDON (ShareCast) - The dollar fell against major currencies on Friday as weaker than expected jobs data spooked the market.

The dollar was down against the yen, euro and sterling after the Labor Department data revealed that non-farm payrolls fell by 80,000 in March, the largest drop in five years.

The data is the latest to underline a deteriorating outlook for the US economy. However earlier in the week analysts noted that optimism that the worst of the credit crunch might be over.

Focus will be on the euro in the week ahead with the European Central Bank expected to hold interest rates at 4%.

Traders have digested a string of weak euro zone data recently and eyes will be on ECB President Jean-Claude Trichet to see what he has to say about inflation.

Sterling hit a one-week high against the dollar amid a grim picture of the US job market however analysts warn that sterling may also be in for a bumpy ride as the housing market continues to struggle and economic data shows a weakening economy.

A recent report by the Chartered Institute of Purchasing Supply showed growth in Britain’s service sector slowed more than expected in March.

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