10 March 2008, 12:14  Dollar slips back towards a record low against the euro

The dollar slipped back towards a record low against the euro and an eight-year low versus the yen on Monday, after surprisingly weak U.S. jobs figures heightened concern the U.S. economy may have fallen into recession. The dollar took a beating on Friday after data showed U.S. employers unexpectedly cut 63,000 non-farm jobs in February, the steepest rate of job cuts in nearly five years. The news heightened worries that the U.S. economy had slipped into recession and sent the dollar tumbling to record lows against the euro, the Swiss franc and a basket of major currencies, and to eight-year troughs versus the yen. "There seems to be no change to the medium- and longer-term trend of selling the dollar," said Akira Kato, a senior manager in Bank of Tokyo-Mitsubishi UFJ's foreign exchange trading department. The dollar fell around 0.6 percent from late U.S. trading on Friday to 102.16 yen but held above an eight-year low of 101.40 yen struck on electronic trading platform EBS on Friday. The euro rose 0.2 percent to $1.5380 edging back towards a record high of $1.5465 hit on EBS late last week. Falls in U.S. share prices on Friday and the downbeat jobs data prompted interbank dealers to sell the dollar against the yen on Monday, said Bank of Tokyo-Mitsubishi UFJ's Kato.

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