Dollar Drops on Jobless Data; Stocks, U.S. Futures Erase Gains
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The dollar weakened, touching a 15-year low of 81 yen, after a report showed jobless claims increased, fueling speculation the Federal Reserve will act to shore up the economy. Stocks and U.S. futures erased gains.
The Dollar Index sank as much as 1.1 percent to the lowest level in 10 months as the U.S. currency depreciated below 81 yen for the first time since 1995 and traded at parity with the Canadian dollar. The Stoxx Europe 600 Index slipped less than 0.1 percent at 9:03 a.m. in New York, after gaining as much as 0.6 percent. Standard & Poor’s 500 Index futures lost 0.1 percent. The S&P GSCI index of commodities climbed 0.4 percent.