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Euro slips against U.S. dollar

Euro slips against U.S. dollar

The 13-nation euro backed down Monday off its all-time high against the U.S. dollar, after Germany released disappointing March sales figures and traders looked ahead to a host of other economic releases.
In morning European trading the euro bought US$1.3599 _ still high but down from the all-time peak of euro1.3682 it hit Friday and less than the US$1.3649 it fetched later that day in New York.
The pound drifted further from the US$2.00 mark, buying US$1.9934 compared with US$1.9980 late Friday. The dollar was unchanged against the Japanese currency, buying 119.50 yen.
Germany's Federal Statistics Office reported Monday that retail sales fell 0.7 percent for March on the month in Europe's largest economy, underperforming expectations of a 0.8 percent rise.
The preliminary figures were based on results from six of the largest states.
Meanwhile, traders were looking ahead to economic and consumer sentiment data due for release later for the Eurozone for clues as to how the European Central Bank will act at next week's rate meeting.
Attention was also on a survey on British consumer confidence, and how it may affect the Bank of England rate verdict next week.
Higher rates can bolster a currency by providing better returns on certain types of investments.
A host of reports were also due from the U.S., including data on personal income and spending levels.


Updated : 2021-04-13 03:01 GMT+08:00