Euro unchanged vs US dollar despite employment gain

[NEW YORK] The euro-dollar rate held steady at US$1.1394 Monday despite an improvement in the eurozone unemployment rate.

The Eurostat statistics agency said unemployment in the 19-member eurozone fell to 10.3 per cent in February, a four-and-a-half year low, from a revised 10.4 per cent in January.

But analysts worried that jobs gains were slowing, and may not be enough to help get Europe through the current economic soft patch.

Doubts about the strength of new hiring could end up whittling back the euro's recent gains, Kathy Lien of BK Asset Management said.

"Renewed dovishness could trigger significant profit taking in the pair," she said.

Meanwhile, the British pound scored a modest rise to US$1.4265 and the yen slipped to 111.28 per US dollar.

AFP