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The euro fell against the dollar, poised for its biggest weekly loss in almost two months, as Group of 20 leaders failed to agree on funding to support European governments’ efforts to contain their debt crisis. The euro pared its declines as commodities reversed a retreat.
The dollar rose against 13 of its 16 most-traded counterparts after the Commerce Department reported the U.S. unemployment rate fell while nonfarm payrolls expanded less than forecast. The Dollar Index, which IntercontinentalExchange Inc. uses to track the greenback against the currencies of six major trade partners including the euro and yen, rose 0.4 percent to 77.067. The U.S. currency has strengthened 2.6 percent against the euro this week, its biggest five-day gain in almost two months, as investors sought safety amid concern Greece is headed for default and the sovereign-debt crisis will cause euro-area growth to contract.
Canada’s currency tumbled after the nation’s employers unexpectedly eliminated jobs. Employment in Canada fell by 54,000 jobs last month after an increase of 60,900 in September, the nation’s statistics agency reported today. Two days ago, Bank of Canada Governor Mark Carney reiterated the outlook for the Canadian economy has weakened since July.
The Australian dollar fell for the first time in three days after the Reserve Bank lowered its forecasts for economic growth and inflation forecasts for the next two years as global financial turmoil makes businesses more reluctant to hire.
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