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23 April 2024

Dollar tumbles to record lows on dismal jobs data

By Agencies

The dollar dropped to record lows against the euro and a basket of currencies on Friday after an unexpected contraction in US nonfarm payrolls heightened fears of recession.

The euro surged $1.5459, according to Reuters data. It was last trading at $1.5447, compared to $1.5430 before the report. The dollar index slumped to an all-time low of 72.462.

Against the yen, the dollar tumbled to an eight-year low of 101.44 and dived to a historic trough of 1.0138 Swiss Francs.

US employers cut payrolls for a second straight month during February, slashing 63,000 jobs for the biggest monthly job decline in nearly five years as the labor market weakened steadily, a government report on Friday showed.

Economists surveyed by Reuters forecast 25,000 jobs would be added to payrolls last month. (Reuters)