This originally appeared in bloomberg.com
The dollar fell to a one-week low against the euro after a report showed the U.S. unemployment rate rose to the highest level in more than 25 years.
“Safe-haven flows to the dollar are starting to fade now,” said Shaun Osborne, chief currency strategist at TD Securities Inc. in Toronto. “The dollar is struggling.”
Employers eliminated 651,000 jobs last month, following a reduction of 655,000 in January, the Labor Department reported today in Washington. The median forecast of economists surveyed by Bloomberg News was for a decrease of 650,000. The jobless rate increased to 8.1 percent, the highest level since December 1983, from 7.6 percent in the previous month.
