The dollar slumped across the board after a government report showed job growth slowed to the lowest since 2003, raising the likelihood that the Fed may cut interest rates by the end of this month.

Non-farm payrolls fell sharply from 94k to 18k in December, far below the estimate of 70k. Unemployment rate increased from 4.7% to 5.0%, above the estimate of 4.8%. Average earnings dropped from 0.5% to 0.4%.

The surprisingly weak job report added to worries that the nation may head to a recession. The dollar tumbled to above 1.48 versus the euro and dipped below 108 against the yen after the release of the job report.