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Euro steady against dollar

Euro steady against dollar

The euro was steady against the dollar Thursday as more positive economic signals emerged from Germany, Europe's biggest economy.
The 16-nation euro bought $1.4241 in European morning trading, compared with $1.4240 in New York late Wednesday. The British pound eased to $1.6216 from $1.6239, while the dollar bought 93.70 Japanese yen, down from 94.20.
On Thursday, the Nuremberg-based GfK research group said its forward-looking Consumer Climate Survey rose to 3.7 points for September from 3.4 points the previous month as more people reported expectations of an economic recovery.
On Wednesday, the Ifo Business Climate Survey, conducted by the Institute for Economic Research at the University of Munich, said its reading of German business sentiment rose to 90.5 points in August from 87.4 points in July. Participants' expectations for the economy also improved, to 95 points from 90.4 points in July.
In the U.S., investors were also considering positive economic signals, with durable goods orders and new home sales both showing increases Wednesday. The weekly U.S. jobless report will be published later Thursday and will give investors more clues about the direction of the economy there.
"Existing trading ranges are likely to hold for the time being," Wells Fargo wrote in a Wednesday research note. "Our bias remains that when the breakout comes, it is more likely to be in the direction of a stronger rather than weaker dollar."


Updated : 2021-05-09 04:24 GMT+08:00