Submitted by Peter Fleming on Sun, 05/08/2007 - 9:30am.
The U.S. Dollar fell against the major currencies as U.S. payroll data showed that the unemployment rate had risen to its highest level in six months. The Labor Department revealed a rise of the unemployment rate to 4.6 percent in July compared to 4.5 percent in June. July added 92,000 jobs in July, way below the expected 135,000 jobs. In response, the U.S. Dollar fell dramatically as it suggests that problems in the U.S. housing market are spreading.
In forextrading, the Dollar fell 1 percent against the Euro to $1.3773 from $1.3636. Against the Japanese Yen it fell half a percent to 118.05 Yen from 118.63 Yen.
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