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Euro slightly lower against U.S. dollar

Euro slightly lower against U.S. dollar

The euro drifted downward against the dollar Friday ahead of new jobs data from the United States.
The 12-nation euro bought US$1.2680 in morning European trading, slightly below its level of US$1.2690 in New York late Thursday. The British pound dropped to US$1.8744 from US$1.8786.
The dollar rose to 118.07 Japanese yen from 117.61 yen.
The euro had slipped against the U.S. dollar Thursday as strong U.S. job market figures offset an expected rise in the European Central Bank's key interest rate to 3.25 percent.
Rising rates have boosted the dollar for the past two years as the U.S. Federal Reserve sought to keep growth from fueling inflation.
However, slowing growth has convinced most economists that it will keep interest rates unchanged for the rest of the year, and some believe the next Fed move will be a rate cut.
Better economic data could ease the chances of the Fed reducing interest rates. Markets were awaiting U.S. nonfarm payrolls data due later Friday.


Updated : 2021-03-07 17:56 GMT+08:00