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Dollar slips on US jobs report

A US jobs report for July that showed continued strength, but not enough to boost inflation pressures, sent the dollar tumbling against most other major currencies Friday.

NEW YORK: A US jobs report for July that showed continued strength, but not enough to boost inflation pressures, sent the dollar tumbling against most other major currencies Friday.

US hiring remained strong last month, generating 209,000 new jobs. But it was far from the previous month's nearly 300,000, and the fresh data showed that wages remained flat and that there remained significant slack in the jobs market.

That took some of the air out of expectations that inflation will force an early rate rise by the Federal Reserve, with US Treasury yields dropping as a result. The dollar fell modestly to US$1.3430 per euro, and to 102.60 yen. But the greenback gained against the British pound, which suffered together with London stocks.

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