Reuters - Dollar extends gains vs euro amid profit-taking

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Dollar extends gains vs euro amid profit-taking

Friday, Mar 07, 2008 3:51PM UTC

NEW YORK (Reuters) - The dollar rallied against the euro on Friday, wiping out earlier losses suffered after data showed the United States shed 63,000 jobs last month.

The euro fell to $1.5329 after earlier setting a fresh record high of $1.5459, according to Reuters data. It last traded at 1.5344. The dollar also pared losses against the yen, moving to 102.55 yen after earlier hitting an eight-year low at 101.44 yen.

Traders tied the move mainly to investors taking profits after more than a week of steady dollar selling.

"There has been a accumulation of dollar shorts and just a wave of profit-taking has come in," said Shaun Osborne, chief currency strategist at TD Securities in Toronto.

(Reporting by Steven C. Johnson and Gertrude Chavez-Dreyfuss; Editing by Theodore d'Afflisio)