8 January 2007, 12:13  US dollar continued to fall on profit-taking

The US dollar continued to fall on profit-taking on the gains it made Friday on the back of better-than-expected US jobs data for last month, dealers said. The US Department of Labor disclosed Friday that non-farm employment jumped by 167,000 jobs last month, growing at the fastest rate since September 2006, and announced upward revisions of its non-farm employment data for October and November. Despite the strength of the US employment data for last month, United Overseas Bank analyst Thomas Lam said the data showed that the growth was still limited to certain sectors, with the retail sector shedding 9,000 jobs. "We should not read too much into the data," Lam said. Lam said he expected the dollar to remain rangebound against the yen until the meeting next week of the Bank of Japan's policy board.

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