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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (521827)	1/9/2004 6:22:48 PM
From: TigerPaw	Respond to of 769670

The suckers get more scarce every day. <font color=blue> NEW YORK, Jan 9 (Reuters) - The dollar sank to a fresh record low against the euro on Friday, as a stunningly small gain in U.S. payrolls further fanned expectations that U.S. interest rates will remain at a 45-year trough for some time. In a yield-seeking environment such as the currency markets, low interest rates tend to diminish the appeal of dollar-denominated assets for global investors. The U.S. Labor Department said non-farm payrolls added just 1,000 jobs in December, compared with market forecasts of 130,000 new jobs. The unemployment rate, however, fell to 5.7 percent from 5.9 percent in November. "Bottom Line: It's back to the drawing board for those who believed the economy was blasting into 2004 at full speed," said Andrew Busch, global FX strategist at BMO Nesbitt Burns in Chicago. "While the jobs data are out of line with other much stronger U.S. reports, don't resist the market's interpretation today. The Fed's 'on hold' position looks sustainable given these numbers," he said. The news triggered a sharp sell-off in the dollar against most key rivals. The greenback had been broadly higher just ahead of the jobs report. In late afternoon New York trade, the euro was up 0.6 percent at $1.2830 , having surged to a record high of $1.2868, according to Reuters data. The euro was up 0.8 percent at 136.56 yen . The dollar fell to 7-year lows against the Swiss franc and was last down 0.5 percent at 1.2206 francs. The pound continued its ascent, up 0.86 percent at $1.8483 . The greenback also fell around 0.6 percent against the Canadian dollar to C$1.2706 after strong Canadian employment numbers for December. New Canadian jobs totaled 53,100 jobs in December, pushing the unemployment rate down to 7.4 percent from 7.5 percent in November. </font> reuters.com