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Dollar in new slump against euro Dollar in new slump against euro
(about 9 hours later)
The dollar weakened against the euro to hit a new record low, amid continued fears over the state of the US economy. The dollar weakened against the euro to hit a new record low, amid continued fears over the state of the US economy stoked by poor job figures.
It took $1.540 to buy a euro in morning trade on Friday, up from $1.537 a day earlier, also a record. At the same time, one pound was worth $2.01. At one point it took $1.546 to buy a euro, before the dollar strengthened to 1.532 in mid-afternoon trade.
Meanwhile, the dollar fell below 102 yen for the first time in three years. Meanwhile, one pound was worth $2.016 and it took 102.91 yen to purchase one greenback.
Both the euro and sterling strengthened against the dollar after interest rates in the UK and the eurozone remained on hold on Thursday. Figures showing a decline of 63,000 US jobs in February came as a surprise, as analysts had expected a rise.
European firms are finding it harder to sell their goods as they become relatively more expensive to US products. The euro and sterling have been boosted against the dollar by Thursday's decisions in Frankfurt and London to keep interest rates on hold.
European firms are finding it harder to sell their goods as they become relatively more expensive than US products.
Speaking on Thursday, the head of the European Central Bank, Jean-Claude Trichet, said it was likely the euro would remain strong.Speaking on Thursday, the head of the European Central Bank, Jean-Claude Trichet, said it was likely the euro would remain strong.
The US Federal Reserve has been reducing interest rates to tackle the cooling economy, but the ECB reiterated the need to focus on addressing inflation and suggested a rate cut was not imminent.The US Federal Reserve has been reducing interest rates to tackle the cooling economy, but the ECB reiterated the need to focus on addressing inflation and suggested a rate cut was not imminent.
Inflation in the eurozone has reached its highest in six years.Inflation in the eurozone has reached its highest in six years.
Analysts are awaiting figures on US non-farm payrolls, due at 1330 GMT, and fear they could show that the world's biggest economy is heading for a recession.
"Markets are braced for a rather bad employment number today. These ongoing recessionary worries are hitting risk appetite across the board," said Geoffrey Yu, currency strategist at UBS in Zurich.