Dollar Slightly Lower Against Euro
Nov 18th, 2008 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar slipped lower against the euro. Late Monday, the euro was trading at $1.2643 vs. $1.2596 on Friday.
Among the day’s data, output of the nation’s factories, mines and utilities partially recovered in October from September’s awful weather-influenced figures, according to the Federal Reserve.
Industrial production increased 1.3% in October after falling a revised 3.7% in September, the steepest decline in 60 years. Despite October’s showing, the manufacturing sector is clearly in recession. Industrial production is down 4.1%, year-over-year.
“Signs of stability in the U.S. manufacturing sector have failed to turn around the market’s risk appetite,” said Kathy Lien, director of currency research at GFT.
The weekend G20 meeting in Washington, of leaders from the world’s top developed and emerging economies, had no discernible effect on markets, probably because it was “long on rhetoric and short on substance,” said Daragh Maher, currency strategist at Calyon Bank.
There were some general agreements. Europeans won pledges to increase regulation of hedge funds. British Prime Minister Gordon Brown got a strong commitment for more stimulus measures to boost national economies
But there were few specifics beyond a consensus to do “whatever it takes” to stabilize the world financial system.
Source: Dollar Slightly Lower Against Euro
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