Dollar in Freefall After Labor Data
June 6, 2008
The U.S. dollar fell against most major currencies on Friday, after the Labor Department reported 49,000 jobs were lost during May, bringing the year to date total of job losses above 300,000. Fuelling the dollar’s rapid decline the U.S. unemployment rate ticked up 0.5% during May to 5.5%, marking the largest monthly increase since February 1996, and brings the unemployment rate up to levels not seen since October 2004. Although the U.S. dollar fell across the board following the labor data, the most notable decline was it’s 0.7% freefall against the Euro.