| NEW YORK
NEW YORK Feb 7 The U.S. dollar dropped broadly
on Friday after the January U.S. non-farm payrolls report showed
weaker-than-expected employment growth, driving interest rates
lower and taking away an advantage for the greenback.
The euro initially popped to a high of $1.36490 from
$1.58950, on the EBS trading platform. It has since
faded back to $1.35990, a gain of just 0.09 percent on the day.
"The headline number clearly surprised to the downside,"
said Richard Cochinos, currency strategist at Citi in New York.
"It certainly is a positive for bonds and yields are lower
and that's a negative for the dollar," he said.
U.S. non-farm payrolls rose by 113,000, well below the
consensus estimate of economists polled by Reuters of 185,000.
Cochinos highlighted the mixed nature of the report as
increasing labor force participation indicated people are more
hopeful about attaining a job while the unemployment rate
dropped a tenth of a percent to 6.6 percent, its lowest since