NEW YORK (Dow Jones)--The euro declined against the dollar Friday as U.S. stocks fluctuated in and out of positive territory in the wake of a disappointing U.S. monthly unemployment report.
During the New York afternoon, the single currency settled modestly below day-earlier levels versus the dollar, calming after a choppy morning. Rapid intraday shifts and reversals are common after a major data release as investors adjust positions in light of the figures.
Friday's report for nonfarm payrolls for October showed unemployment rose above 10% for the first time in 26 years. The report heightened concerns that a global economic recovery may falter. By the end of the session, the Dow Jones Industrial Average had managed a minor gain, but the euro couldn't shake off its earlier slide against the dollar.
Late afternoon New York, the euro was at $1.4844 from $1.4875 late Thursday, according to EBS via CQG. The dollar was at Y89.96 from Y90.75, while the euro was at Y133.53 from Y135.00. The U.K. pound was at $1.6608 from $1.6582. The dollar was at CHF1.0177 from CHF1.0162.
The Dollar Index, a trade-weighted basket of six currencies, was at 75.784 from 75.727 late Thursday.
In its knee-jerk reaction to the jobs report, the euro initially sank to a low of $1.4821 from $1.4861 just ahead of the data. As U.S. stocks rallied, the euro gained past $1.49, but then fell back as stocks bounced in and out of positive territory...
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