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Dollar Retreats Vs. Euro, but Comes Off Earlier Lows

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.

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