Dollar Declines Against Euro
Mar 12th, 2009 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar was lower against the euro. Late Wednesday, the euro was trading at $1.2783 vs. $1.2679 on Tuesday.
“The U.S. dollar is largely trading sideways against the major currencies after surviving yesterday’s attempt to take the euro higher,” wrote currency strategists at Brown Brothers Harriman.
The euro was strong as its equities markets rebounded, and it fought off dismal data from Germany’s economics ministry, which reported a steeper-than-expected plunge in January factory orders.
Orders plunged 8% from December, the ministry said, and compared with a year ago, they were down 38%. Economists had been looking for only a 2.2% monthly decline.
Sterling was steady, even though Britain’s National Institute of Economic and Social Research estimated yesterday that British gross domestic product shrank by 1.8% in the December-to-February period.
Source: Dollar Declines Against Euro
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