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U.S. dollar slips against euro

U.S. dollar slips against euro

The euro climbed Thursday against the U.S. dollar despite surveys from Germany, Europe's largest economy, showing an unexpected dip in business confidence and consumer climate.
The 13-nation euro bought US$1.2980 in morning European trading, up from US$1.2961 the night before in New York.
The British pound rose slightly to US$1.9691 from US$1.9672 the day before, while the dollar fell to purchase 120.56 Japanese yen, from 120.95 yen in New York.
The euro's rise came despite a report from Munich's Ifo institute, which showed its business climate index declining to 107.9 in January from 108.7 in December. Economists polled by Dow Jones Newswires had expected a slight rise to 108.8.
The fall was attributed in part to the country's rise in VAT from 16 percent to 19 percent on Jan. 1, and the institute said the drop in business climate was expected to be short-term.
Meanwhile, Germany's GfK research group said its forward-looking consumer climate indicator fell sharply from 8.7 points in January to 4.8 for February _ also because of the tax increase.
Still, it added that consumer sentiment regarding income expectations was less pessimistic than in the previous month, indicating that the sharp decline in the propensity to buy is likely a "temporary blip."


Updated : 2021-08-03 03:25 GMT+08:00