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Euro up slightly to $1.4830

Euro up slightly to $1.4830

The euro rose against the dollar Wednesday after reports out of the U.S. showed consumer confidence dropping in October.
The 16-nation euro rose to $1.4830 in European morning trade, up from the $1.4809 late Tuesday in New York.
The British pound fell to $1.6369 from $1.6386, while the dollar also fell to 91.12 Japanese yen from 92.81 yen late Tuesday in New York.
On Wednesday, a report from the Conference Board on consumers' sentiment in the U.S. dropped to 47.7 in October, the second-lowest reading since May. It had been expected to dip only to 53.1 from 53.4 in September. A level above 90 means the economy is on solid footing; one above 100 signals strong growth.
Weaker economic signals in the U.S. can weigh on its currency as investors place their bets in other economies.
"The lack of (U.S.) hiring taking place across the economy coupled with the still-high level of layoffs is continuing to weigh on consumer confidence," Wells Fargo said in a research note.
"The drop in the consumer confidence index is a real wake-up call for those who thought the economy was out of the woods."


Updated : 2021-03-02 04:13 GMT+08:00