Alexa
  • Directory of Taiwan

Dollar rises against major currencies after worse-than-expected data from Europe

Dollar rises against major currencies after worse-than-expected data from Europe

The dollar rose against the euro and other major currencies Thursday after surveys from Germany, Europe's largest economy, showed an unexpected dip in business confidence and consumer climate.
The 13-nation euro bought $1.2928 in afternoon New York trading, down from $1.2961 late Wednesday in New York.
A report from Munich's Ifo institute showed its business climate index declining to 107.9 in January from 108.7 in December. Economists surveyed by Dow Jones Newswires had expected a slight rise to 108.8.
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.
The British pound also slipped to $1.9641 from $1.9672, while the dollar strengthened against the Japanese currency, rising to 121.11 yen from 120.95 yen.
The British and Japanese currencies have been undermined recently by doubts of further interest rate hikes from the Bank of England and the Bank of Japan.
Higher interest rates, a weapon against inflation, support a currency by making some assets denominated in that currency more attractive to investors.
The markets appeared to shrug off two downbeat U.S. reports, one showing a sharp rise in jobless claims last week and the second showing existing home sales in 2006 declining by the largest amount in 17 years.
In other New York trading, the dollar bought 1.2486 Swiss francs, down from 1.2487 late Wednesday, and 1.1813 Canadian dollars, up from 1.1790.


Updated : 2021-05-14 11:35 GMT+08:00