5 October 2007, 17:40  Dollar gains

The dollar gained sharply as key figures showed a strong gain in US non-farm payrolls during September. The data showed the US economy created 110,000 jobs in September, in line with expectations. The real surprise, however, came in the extremely sharp upward revision to August's data from a fall of 4,000 to a rise of 89,000. "Payrolls come in at the top end of the market expectations, good in itself but it is the significant upward revision to the August number that has driven the dollar higher," said Peter Stoneham at Thomson IFR Markets. At 12.56 pm GMT, the euro was trading at 1.4063 against the dollar, down from 1.4130 just before the data were released, though off an earlier two-week low of 1.4030 usd. The pound was trading at 2.0326 usd from 2.0383 previously. The UK currency hit a low of 2.0300 usd immediately after the data.

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