9 July 2001, 14:14  The dollar closed Friday on a soft note

vs most major currencies, as disappointment about the lack of clear signs of a U.S. economic rebound met with position squaring ahead of a G-7 finance ministers meeting. Looking back on the day, traders were uncertain if the dollar sell-off was due to a mild shift in sentiment on the dollar or if it merely represented an unwinding of overzealous long dollar positions. "I see no seismic shift in the dollar," said one New York trader, adding, "The dollar is still strong." Those traders who had hoped that Friday morning's U.S. unemployment report would back up their view of a second half recovery, were left standing in the dust after the payroll data was released showing a still wobbly U.S. economy. The euro-dollar was trading at $0.8466 at the close, well up from the $0.8340's seen in earlier session.

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