The euro weakened vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4785 level and was capped around the $1.4950 level. Technically, today’s intraday low was right around the 76.4% retracement of the move from $1.4920 to $1.4360. The common currency lost ground despite the release of a weak U.S. January non-farm payrolls report that saw 17,000 jobs lost last month, the first decline in years. Also, the January unemployment rate printed at 4.9% and average hourly earnings were up 0.2% m/m and +3.7% y/y. There was a 55,000 jobs downward revision to November’s tally and a +64,000 upward revision to December’s tally. Economists were expecting new jobs creation of about 75,000 last month. Aside from growing weakness in the U.S. labour market, today’s data suggest that wages are not keeping pace with inflation and this may give the Federal Reserve more scope to expand monetary policy further, absent second-round inflation effects. Other data released in the U.S. saw the January ISM manufacturing index print at 50.7 while the prices paid sub-index jumped to 76.0, up from 59.0 in September. Additionally, final January University of Michigan consumer sentiment fell to 78.4 from 80.5 previously and December construction spending was off 1.1%. In eurozone news, the EMU-15 January manufacturing PMI survey improved to 52.8 while Germany’s improved to 54.4. Euro bids are cited around the US$ 1.4685 level.