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Dollar rises on global economic concerns

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¡¡¡¡NEW YORK, May 2 (Xinhua) -- The U.S. dollar rose against most major currencies Wednesday on concerns over global economy after U. S. and Europe posted weak data.

¡¡¡¡The dollar was boosted as investors were driven to safe haven thanks to the weak data both from the U.S. and the euro zone. According to the Commerce Department, U.S. factory orders slipped1.5 percent in March for the steepest decline in two years. Payroll provider ADP said U.S. private sector added only 119,000 jobs in March, sharply down from 201,000 in April and fewer than expected.

¡¡¡¡In Europe, manufacturing sector in major countries slipped sharply, not only in the debt-burdened countries like Italy and Spain, but also in the leading countries of Germany and France. Besides, the 17-nation euro zone saw its unemployment rate rise to10.9 percent in March, almost the 15-year high. Worries about European economic outlook weighed heavily on the euro.

¡¡¡¡In late Wednesday trading, the euro declined to 1.3165 dollars from 1.3228 dollars. The dollar rose to 0.9866 Canadian dollars from 0.9852, and gained to 0.9132 Swiss francs from 0.9079. The British pound fell to 1.6197 dollars from 1.6220.

¡¡¡¡The dollar bought 80.17 Japanese yen, lower than 80.20 in the previous session.

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