June 7, 2003	Saturday	Rabi-us-Sani 6, 1424

LONDON, June 6: The euro fell sharply against the dollar on Friday on news that the US economy lost many fewer jobs in May than had been feared.

The single currency was trading at 1.1714 dollars, down from 1.1837 late in the day in New York on Thursday. Against the yen the greenback rose to 117.80 from 117.68 on Thursday.

The dollar attracted strong support on news that US non-farm payrolls fell by 17,000 in May, well below the 46,000 drop expected by US economists.

In addition revisions to the data erased many job losses in previous months. The earlier reported February-to-April jobs decline of 525,000 has now been revised to a drop of 272,000, Bear Stearns economists noted.

Private payrolls appear to have stabilized, rising 8,000 in May following an increase of 2,000 in April.

Paul Mackell, strategist at Dresdner Kleinwort Wasserstein, said the dollar’s rise actually began before the payroll report, with US currency starting to move higher against the yen.

Trevor Dinmore, currency strategist at Deutsche Bank, also noted that the “dollar/yen led the move” on Friday.

The euro was changing hands at 1.1714 dollars from 1.1837 late on Thursday in New York, 139.10 yen (139.29), 0.7038 pounds (0.7125) and 1.5486 Swiss francs (1.5386).

The dollar was being quoted at 118.80 yen (117.68) and 1.3224 Swiss francs (1.3000).

The pound was at 1.6638 dollars (1.6601), 197.95 yen (195.36) and 2.2002 Swiss francs (2.1581).

On the London Bullion Market, the price of an ounce of gold slipped to $366.20 from $366.75 on Thursday afternoon.—AFP