US Dollar slides broadly, bullish data helps euro

Brussels (May 6)  The dollar slid to an almost seven-week low against the euro on Tuesday, losing all of the positive shine from Friday's strong US jobs data.

The greenback's bad performance so far this year has seen banks back off a raft of bets for dollar gains put on in January. Many traders and strategists now talk instead about
there being no end in sight to the euro's strength.

As European trade got going after Britain's long holiday weekendm, the dollar fell to 79.24, its  lowest against a basket of currencies since late October.

The euro, helped by strong surveys of service sector purchasing managers in  Spain and Italy, rose 0.3 per cent compared to levels seen in thin volumes on  Monday to hit $1.3928, its highest since March 19.

 Increasingly, at the  heart of the dollar's weakness is a lack of conviction that the US Federal  Reserve, whatever the brighter economic data, will follow a reining in this year
of its emergency money-printing with an actual rise in interest rates.