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FOREX-Dollar slides as jobs report dims rate hike outlook
Fri Jun 6, 2008 12:26pm EDT
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* Dollar falls as U.S. jobless rate jumps in May
* Dollar set for worst weekly loss vs EUR since late March
* Non-farm payroll losses total 49,000
By Gertrude Chavez-Dreyfuss
NEW YORK, June 6 (Reuters) - The dollar fell across the board on Friday as a big jump in the U.S. jobless rate underscored the economy's weakness, which could prevent the Federal Reserve from raising interest rates later this year.
The Labor Department report, which also showed job losses for a fifth straight month, further undermined the outlook for the dollar, whose interest rate yield has shrunk as the Federal Reserve slashed benchmark overnight rates by a total of 325 basis points since September.
NOTE: JOBLESS RATE IN THE U.S. ARE EFFECTS OF DOLLAR SHRINKAGE.
The data also revived debates about the chances of a U.S. recession, and analysts said the Fed may have to address the economy's persistent sluggishness with another quarter-point easing.
"Today's unemployment report was the first time in recent memory that the unemployment rate overshadowed the non-farm payrolls number," said Michael Woolfolk, senior currency strategist, at Bank of New York Mellon in New York. Continued...
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