Non-farm payrolls came in below expectations for April causing a further slide of the dollar against all other currencies.

The Labor Department reported 138,000 workers were added to U.S. non-farm payrolls in April, far below expectations for a rise of 200,000. The dollar dropped in value quickly after the announcement.

"Dollar weakness is likely to continue, largely due to trade and external financing issues, and the movement of U.S. interest rates related to inflation risk is not likely to help the dollar," said Kurt Hoeksema, director of foreign exchange dealing at Global Forex Trading.

The dollar has lost about 5.2% against the euro and 4.5% against the Japanese yen since April. Expect a slight correction in the next week when Japan returns from vacation, but the trend is clearly in favor of of a weakening dollar.