Dollar recovers some gains amid renewed caution
Sunday, 30 August 2009
NEW YORK, Aug 29 (AFP): The dollar traded mainly higher yesterday as currency traders turned more cautious in the face of a struggling stock market and mixed economic news.
At 2100 GMT, the euro fetched 1.4304 dollars compared with 1.4345 dollars late Thursday.
The dollar also gained against the Japanese currency, rising to 93.59 yen from 93.45 yen.
In late New York trade, the dollar rose to 1.0593 Swiss francs from 1.0585 late Thursday.
The pound was steady, at 1.6269 dollars compared with 1.6268.
After a sharp rise Thursday to the upper limit of the range, the euro weakened despite fresh positive economic indicators that often have steered traders toward the European single currency.
A European Union survey showed business and consumer confidence in the eurozone firmed in August for the fifth month running, adding to a recent string of encouraging news for Europe's struggling economies.
The European Commission's economic sentiment indicator for the 16 nations using the euro single currency rose to 80.6 points from 76 points in July, continuing a gradual climb away from a record low 64.6 points in March.
In Britain, official data showed that the recession-hit economy contracted by a better-than-expected 0.7 per cent in the second quarter of 2009 from the preceding quarter.
The US government reported consumer spending rose for the third consecutive month, albeit largely due to federal aid.
At 2100 GMT, the euro fetched 1.4304 dollars compared with 1.4345 dollars late Thursday.
The dollar also gained against the Japanese currency, rising to 93.59 yen from 93.45 yen.
In late New York trade, the dollar rose to 1.0593 Swiss francs from 1.0585 late Thursday.
The pound was steady, at 1.6269 dollars compared with 1.6268.
After a sharp rise Thursday to the upper limit of the range, the euro weakened despite fresh positive economic indicators that often have steered traders toward the European single currency.
A European Union survey showed business and consumer confidence in the eurozone firmed in August for the fifth month running, adding to a recent string of encouraging news for Europe's struggling economies.
The European Commission's economic sentiment indicator for the 16 nations using the euro single currency rose to 80.6 points from 76 points in July, continuing a gradual climb away from a record low 64.6 points in March.
In Britain, official data showed that the recession-hit economy contracted by a better-than-expected 0.7 per cent in the second quarter of 2009 from the preceding quarter.
The US government reported consumer spending rose for the third consecutive month, albeit largely due to federal aid.