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Euro slips vs. dollar, pound firms on good jobs data

The euro slipped slightly against the dollar on Wednesday, continuing a downward move after last week's European Central Bank easing, while the pound firmed after good British jobs data.

NEW YORK: The euro slipped slightly against the dollar on Wednesday, continuing a downward move after last week's European Central Bank easing, while the pound firmed after good British jobs data.

"Investors now see the single currency as an increasingly cheap currency to borrow and sell in favour of higher returning assets abroad," said Commonwealth Foreign Exchange in a market note.

Meanwhile, the pound improved after official data showed further improvement in the British labour market.

Britain reported its unemployment rate fell to 6.6 per cent, the lowest level in more than five years, from 6.8 per cent.

The number of unemployed dropped to 2.16 million people.

"The British economy is the strongest in the developed world in 2014, and today's release of various April and May labour data suggest momentum should continue through mid-year," said Christopher Vecchio of DailyFX.

"The British pound remains an appealing target for traders perhaps banking on tighter central bank policy over the course of 2014."

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