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Euro up against US dollar in thin, jumpy trading

Euro up against US dollar in thin, jumpy trading

The U.S. dollar was down against the euro in thin, jumpy post-Christmas trading on Thursday, following disappointing American economic data and news of the assassination of Pakistani opposition leader Benazir Bhutto.
The 13-nation euro bought US$1.4550 in afternoon European trading, up from US$1.4488 in New York late Wednesday.
The British pound climbed to US$1.9949 from US$1.9836, while the dollar slid to 114.09 Japanese yen from 114.29 yen.
The dollar has suffered lately from worries over the health of the U.S. economy in the wake of the subprime lending crisis.
On Thursday, the Commerce Department said orders for durable goods _ products expected to last at least three years _ increased by a much smaller-than-expected 0.1 percent last month.
In addition, the Labor Department reported that more people signed up for unemployment benefits last week, a sign that the job market is softening as the economy loses speed.
News of Bhutto's killing also appeared to be contributing to nervousness.
Andrew Busch, global foreign exchange strategist at BMO Capital Markets in Chicago, pointed to "pretty strong evidence that the market is going to be selling U.S. dollars and U.S. stocks" on Thursday.
"There is a lot of geopolitical uncertainty," especially considering Pakistan's nuclear resources, he added. "Uncertainty will generally generate some dollar sales."


Updated : 2021-04-21 07:37 GMT+08:00