Dollar Retreats Vs. Euro, but Comes Off Earlier Lows

Author:
Publish date:

The dollar was weaker against both the yen and the euro on Friday as the nation's unemployment rate rose to a four-year high in August, but the greenback came off its earlier lows.

The U.S. currency slipped to $0.9037 against the euro from $0.8957 Thursday. The dollar was also off versus the yen, changing hands at 120.17 yen per dollar, down from 120.80 in the prior session.

The jobless rate rose to 4.9% in August from 4.5% in July, reaching the highest level since September 1997. Adding to the pressure on the dollar was news Thursday that the number of people collecting unemployment benefits reached a nine-year high last week and a report showing weakness in the services sector of the U.S. economy.

Investors were selling blue-chip stocks after digesting the latest data, while tech stocks were hovering around the flatline.

The dollar was stronger against both the Canadian and the Australian dollars, but weaker to the British pound and most other major world currencies.