* Euro tumbles to $1.2034, lowest in more than four-years
* French PM says unconcerned by euro rate vs dollar
* Euro hits record low vs Swiss franc; SNB said to be absent
(Adds quote, detail)
By Jessica Mortimer
LONDON, June 4 (Reuters) - The euro fell on Friday to a its
lowest against the dollar in more than four years after comments
by the French Prime Minister on exchange rates.
Investors awaited U.S. non-farm payrolls data at 1230 GMT,
which analysts expect to show strong jobs growth. <ECONUS>
French Prime Minister Francois Fillon said he was not
concerned by the current level of the euro to the dollar.
The comments caused the euro to extend falls that followed a
steep drop against the Swiss franc, which traders attributed to
an absence of bids from the Swiss National Bank, which has
recently intervened to keep the franc from appreciating.
"The SNB was expected to be on the bid at 1.4000 but
wasn't," a trader in London said.
Analysts said strong U.S. jobs data could give the dollar a
further boost as the market focuses on the relative
outperformance of the U.S. economy. <ECONUS>
"Going into the jobs report, all the indications are that it
will be a strong number and we could see a strong dollar
reaction to it," said Audrey Childe-Freeman, currency strategist
at Brown Brothers Harriman.
The euro <EUR=> fell to a more than four-year low against
the dollar of $1.2034. At 1218 GMT, it was down 1 percent at
$1.2040.
The single currency hit a record low against the Swiss franc
<EURCHF=> of 1.3865 francs, according to electronic trading
platform EBS.
Traders said there were stops all the way down to the
psychologically important $1.2000 support level.
Below $1.2000, traders say there is little support for the
euro before its November 2005 low of $1.1638. The euro's launch
level in 1999 at $1.1747 was also a potential key marker.
Traders said concerns about public finances in Hungary also
weighed on sentiment towards the single currency as the
Hungarian forint fell to a one-year low versus the euro.
<EURHUF=R> []
They also cited large option structures expiring on the
Chicago Mercantile Exchange on Friday around the $1.2200 level,
as well as a huge double-no-touch structure with a $1.21-$1.25
range set to expire later in the day.
A daily close under the 50 percent retracement of the
2000-2008 euro rally at $1.2135 would be seen as a bearish
signal for the euro, technical analysts said.
JOBS DATA
A Reuters poll forecast 513,000 U.S. jobs were created in
May but some in the market are anticipating an even stronger
figure following upbeat data this week. []
On Thursday, data showed U.S. private employers added 55,000
jobs in May [] [] and on Wednesday
President Barack Obama said he expected the non-farm payrolls
report to show strong jobs growth.
A robust number would fuel expectations the Federal Reserve
will tighten rates ahead of the Bank of Japan, which is tackling
deflation, and the European Central Bank.
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For a graphic showing changes in non-farm payrolls, click
http://r.reuters.com/dyr28k
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"The euro remains under pressure. Even if U.S. jobs come in
weaker than expected, it's likely there will just be a
short-term correction to the upside for the single currency,"
said Antje Praefcke, currency strategist at Commerzbank.
