The Euro edged up against the
dollar as investors avoided the greenback on fears an escalating crisis in
Ukraine may drag the Washington into the conflict and dampen recovery, though
upbeat data out of the U.S. service sector cushioned the dollar and stabilized
it. In U.S. trading, the shared currency was up 0.10% at 1.3883, up
from a session low of 1.3865 and off a high of 1.3886.
Investors were paying close
attention to events unfolding in Ukraine, after conflict between the government
and pro-Russian separatists grew more widespread over the weekend, which
weakened the dollar. Elsewhere, profit taking from Friday's upbeat jobs report
softened the greenback as well.
The dollar firmed last week
after the Labor Department reported that the U.S. economy added 288,000 jobs in
April, well above expectations for jobs growth of 210,000, while the
unemployment rate dropped to a five-and-a-half year low of 6.3%. Still,
concerns that long-term unemployment will remain a problem for the U.S. economy
tarnished the otherwise positive jobs report, as the headline jobless rate fell
in part due to a drop in the labor force, a sign that many who have been out of
work for a long time quit looking for jobs and thus are no longer considered
part of the labor pool.
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