The dollar was basking on Friday in the afterglow of US figures which rekindled expectations of a pick-up in the world's biggest economy later this year
Published:
19 July 2003 y., Saturday
The single European currency stood at $1.1208 against $1.1203 late on Thursday in New York, some way below an all-time high point of $1.1933 reached in late May.
The dollar traded at 119.08 yen from 118.78 on Thursday. "Although the earnings season has checked the equity market rally for now, alleviating some of the pressure on fixed income markets, in general the macro backdrop continues to evolve in a dollar positive fashion," said Steve Pearson, economist at British bank HBOS.
Prospects of a US economic recovery appeared to brighten after a closely watched index from the Philadelphia Federal Reserve Bank showed on Thursday a sharp improvement in activity in the US manufacturing sector in the Philadelphia region.
But losses on US stock markets dulled some of the dollar's shine as dealers picked over a feast of corporate news.
New York's Dow Jones industrials dipped 0.5 per cent on Thursday while the tech-heavy Nasdaq plunged 2.9 per cent. And Commerzbank strategist Nick Parsons said it was too soon to declare an end to the dollar's downturn. "The question everyone is asking is whether this is the end of the 18-month bear market.
Šaltinis:
jang.com.pk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The European Parliament's proposal for its own operational budget for 2011 includes the financing of measures in preparation for enlargement with Croatia.
more »
Links between business and the academic world need to be strengthened but higher education institutions must retain their autonomy and public support, says a resolution adopted on Thursday by the European Parliament.
more »
The Spanish Minister of Economy and Finance, Elena Salgado, will present the additional fiscal tightening measures set out by the Spanish Government to her eurozone (Eurogroup) counterparts on Monday; the measures were required by Spain’s European partners as a condition of approving the plan to bolster the euro on 9 May.
more »
The European Commission has opened an in-depth investigation under EU State aid rules into capital injections destined to two subsidiaries of state owned company Elan Skupina in Slovenia.
more »
GDP growth in the EU expected to gradually pick up, though recovery less robust than past upturns.
more »
The EESC tabled its opinion on the regulation of alternative investment funds, such as hedge funds and private funds. Although endorsing the much debated proposal of the European Commission, the EESC calls for uniform risk data provision for all such funds and emphasizes their responsibility in triggering the crisis.
more »
Concluding the process and deciding on the schedule for releasing the funds agreed on for Greece, as well as examining and learning lessons from the crisis for the governance of the eurozone, will be the focus of the discussions of the heads of state and government at the meeting in Brussels this Friday.
more »
The EU pavilion at the world expo in Shanghai marks the first time the EU has presented itself to a large Chinese audience.
more »
Shanghai's World Expo offers visitors plenty of fun offering bizarre things to do at over 200 pavillions competing for attention.
more »
The European Investment Bank (EIB) is providing a loan of EUR 150 million to MVM Zrt. for the capacity increase and the extension of a high-voltage transmission network, partly constituting priority axes of the Trans-European Energy Network (TEN-E) in Hungary.
more »