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Economic experts expect new data to show that around 648,000 jobs have been lost, resulting in the highest unemployment levels for 25 years.
Rumours that as many as one million jobs could have been lost has also adversely affected the dollar.
Lee Ferridge, a currency strategist at State Street, commented: "The rumour of a very bad number of US payrolls data in a normal world would be good for the dollar, but the knee-jerk reaction this time round has been to sell it."
The single European currency gained one per cent against the greenback, while the Swiss franc emerged as the biggest gainer as investors see it as a safe-haven investment option.
According to the Chartered Institute of Personnel and Development, the worst of the job losses in the UK will be over by Easter.
