USD weakens on jobs data

The US dollar was weaker versus the euro and the yen on Friday after the Labor Department reported that 80,000 jobs were lost in the United States in March, more than had been expected by analysts.

At just before noon in New York the dollar was trading at $1.5730 to the euro while it was at ¥101.7450 in relation to the yen.

The yen was helped by a retreat from carry trades as investor sentiment was hurt by the US jobs report.

The yen traded at ¥160.0398 to the euro.

The pound was down in relation to the euro and the greenback on worries that recession in the US could hurt economic growth in the UK.

In late morning trade in New York the pound traded at 78.82p to the euro and at 50.11p to the dollar.

Meanwhile, the South African rand declined versus major currencies on the avoidance of carry trades.

Earlier in the week the rand was stronger on signs that Zimbabwe President Robert Mugabe could be on his way out of power after elections there.

Mugabe has presided over a weakening of the Zimbabwe economy that has left the inflation rate there at 164,000 percent.

In New York around noon the rand traded at R7.8035 to the dollar and at R12.275 to the euro.