Euro gains back strength
Güncelleme Tarihi:
The Associated Press
Oluşturulma Tarihi: Ocak 08, 2009 00:00
BERLIN - The euro recovered some of its strength against the U.S. dollar yesterday, rebounding from a three-week low and crossing $1.36 in early afternoon European trading.
The 16-nation currency rose as high as $1.3629 before settling back slightly to $1.3616, above the $1.3523 it bought late Tuesday in New York trading.
The dollar was weakened by a spate of downbeat economic news out of the U.S. the day before, including reports showing that pending home sales fell to the lowest level on record and a continued decline in factory orders.
"A round of downbeat economic data out of the U.S. served to turn investor sentiment against the dollar," said James Hughes of CMC Markets in London.
The euro also managed to hold steady despite a moderate uptick in unemployment in Germany, Europe's biggest economy, too.
The British pound was slightly lower against the dollar, buying $1.4911 compared with $1.4939 on Tuesday, as analysts reiterated that the Bank of England was set to cut interest rates from 2 percent today.
The dollar was weakened by a spate of downbeat economic news out of the U.S. the day before, including reports showing that pending home sales fell to the lowest level on record and a continued decline in factory orders.
"A round of downbeat economic data out of the U.S. served to turn investor sentiment against the dollar," said James Hughes of CMC Markets in London.
The euro also managed to hold steady despite a moderate uptick in unemployment in Germany, Europe's biggest economy, too.
The British pound was slightly lower against the dollar, buying $1.4911 compared with $1.4939 on Tuesday, as analysts reiterated that the Bank of England was set to cut interest rates from 2 percent today.