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The dollar hit a record low against the euro for a sixth straight day on Friday as investors sold in disappointment that U.S. job creation in November fell short of recent inflated expectations.
But analysts and traders said even if the number of new jobs last month reached economists' consensus estimates of 150,000 -- when just 57,000 jobs were added to payrolls -- there is little to stop the current dollar sell-off.
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The euro rose steadily versus the dollar after the jobs data, reaching a new high of $1.2177 (EUR=), according to Reuters data, before dipping to $1.2160, still up 0.60 percent on the day.
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Sterling rose to $1.7315 (GBP=), a gain of 0.33 percent and just shy of a fresh 5-year high.
Doubts remain about the dollar's ability to benefit from robust U.S. economic data, barring the disappointment from the jobs report, with many in the market convinced that a recovering economy will do little to help the United States fund its deteriorating current account deficit.
I don't know what any of this really means in the long-run -- be it macro- or microeconomically (for that, go here -- but I do know that it has really sucked the past couple of years paying my tuition from a U.S. checking account.
For my friends visiting me in February, bookmark this. It'll save you the confusion when you look at your bank statement in March.
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