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The embattled US dollar ended the week on a low note on Friday as it lost ground against a number of other major currencies.
As comments by Bear Stearns Cos. Chief financial officer Sam Molinaro that the credit market was in the worst state he has seen since 1985 took their toll on Wall Street, the dollar began to struggle across the board.
The euro, sterling, yen and Swiss franc all gained ground on Friday.
The euro was back over the 1.38 usd mark late on Friday, coming close to last month’s all time high of 1.3853 at one point. The British pound was up to 2.0410 from 2.0366 and the Swiss franc was up to its highest level in two years.
Meanwhile, the dollar slipped to 117.99 yen compared with 119.24 a day earlier.
A string of negative news emanating from the United States on Friday does not bode well for the economy there. It was revealed that job growth there grew by just 92,000 in July, significantly lower than the 135,000 expected.
This brought unemployment in the US in July to 4.6 percent, the highest since January.
In addition, the Institute for Supply Management's services index dropped to 55.8 last month from 60.7 in June, well below expectations.
19:32
Posted on Aug-05-2007
