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Markets

Dollar weakens as jobs report bump dissipates

Published August 10, 2016 Updated August 10, 2016 09:52pm

imageNEW YORK: The dollar fell against the euro and the yen on Wednesday as enthusiasm from recent employment figures began to fade.

Toward 1800 GMT, the euro was at $1.1183, up from $1.1115 at 2100 GMT the day before. Meanwhile, the dollar fell slightly against the yen, standing at 101.26 yen versus 101.88 on Tuesday.

The euro was unchanged against the yen at 113.25.

The dollar gained a rush of strength on exchange markets following Friday's US government jobs report, which blew past expectations at 255,000 positions created in July.

But the US Labor Department announced Tuesday that productivity had declined 0.5 percent in the second quarter, helping nudge markets back into the doldrums.

"Traders have come in to sell USD from a higher level, driving price action right back down to the support zone seen last week," said James Stanley of DailyFX.

Copyright AFP (Agence France-Presse), 2016

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