Dollar ends lower after unexpected weak job data

0 Comments | AFP, August, 2004

NEW YORK (AFP) — The dollar sank against key currency rivals after US job data came in below expectations, casting a negative light on US economic growth and possibly changing Federal Reserve policy.

The single European currency shot up to 1.2277 dollars in European trading from 1.2056 late Thursday in New York. The dollar traded at 110.55 yen against 111.75 Thursday.

The jobs report came in "below even the most pessimistic forecast," said Kathy Lien, chief strategist, Forex Capital Markets.

According to figures released by the US Labor Department, non-farm payroll jobs rose by a mere 32,000 in July, nowhere near the consensus forecast for an increase of around 240,000.

To make matters worse, the figures for May and June were also revised downwards...