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Yesterday the dollar rose against the euro as a gauge of U.S. manufacturing unexpectedly fell, indicating a mainstay of the nation’s economic expansion may be faltering and stoking investor demand for safety. The Institute for Supply Management’s U.S. manufacturing index contracted for the first time in almost three years.
The euro reversed its biggest gain versus the yen in more than 15 months as data showed unemployment in the 17 countries sharing the currency climbed to a record in May.
The euro slid against the dollar and yen as the jobless rate in the 17-nation currency bloc rose to 11.1 percent in May from 11 percent in April, the European Union’s statistics office in Luxembourg said today. It was the highest since the data series started in 1995.
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