News Column

Dollar Eases From 9-Month Peak Versus Euro

August 8, 2014

WASHINGTON (Alliance News) - The dollar was generally weaker on Friday, as traders preferred the safe haven yen and Swiss franc amid escalating violence in the Middle East.

In Iraq, the US military aircraft began dropping bombs, following the US President Barack Obama authorizing airstrikes to thwart the advancing Islamic militants.

According to reports, fighting resumed in Gaza after the three-day ceasefire between Israel and Palestinians ended.

The buck slipped to USD1.3412 versus the euro, down from a 9-month peak near USD1.3340.

The euro was hurt this week when ECB President Mario Draghi said that policy makers await additional data before injecting cash into the struggling euro zone economy.

The buck managed gains against the sterling today improving to USD1.6770.

Early losses took the dollar to Y101.90 versus the yen, near the lower end of tight trading range.

In economic news from the US, labor productivity rose by a more than anticipated 2.5% in the second quarter, data released by the Labor Department showed. Economists had expected an increase of 1.5%.

Unit labor costs were up 0.6% in the second quarter, notably lower than expectations for a 1.4% growth.

Elsewhere, German exports rebounded in June, while imports posted its biggest growth since November 2010, helping trim the country's trade surplus, data released by Destatis showed.

Exports grew 0.9% from the previous month, reversing the 1.1% decline in May and beating forecasts for a 0.8% increase.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters