The European single currency edged down against its major counterparts in early New York trading on Friday. The common currency tumbled to a new multi-week low against the pound.

Investors weighed a recent report from the US Department of Labor showing that non-farm payroll employment fell by 663,000 jobs in March following an unrevised decrease of 651,000 jobs in February. The drop in jobs came roughly in line with economists' expectations of a decrease of 658,000 levels.

With the continued decrease in jobs, the unemployment rate rose to 8.5 percent in March from 8.1 percent in the previous month, in line with expectations. With the increase, the unemployment rate rose to its highest level since November of 1983.

The euro lost ground in the morning after the Germany's Federal Statistical Office said in a report that the import price index declined 6.4% year-over-year in February, after falling 5.4% in January. This was the biggest price decline since 1999, when prices fell 6.6%. A year ago, prices were up 4.8%.

The euro plunged to a new multi-week low of 0.9048 versus the UK's sterling by 9:00 am ET and the next downside target level for the pair is seen around 0.898. The euro-pound pair is presently trading at 0.9063.

The euro also slipped to 1.3368 against the US dollar, 133.46 against the Japanese yen and 1.5212 versus the Swiss franc by this time, from early morning highs of 1.3496, 135.02 and 1.5286, respectively. The euro is currently trading at 133.78 versus the yen, 1.5233 per franc and 1.339 per dollar.

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