Dollar falls as euro up highest level in two months

08:32, January 20, 2011      

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The U.S. dollar fell against major currencies in late New York trading on Wednesday as the euro touched two-month high with European debt situation eased.

The German government on Wednesday raised its growth forecast for the country's economy this year to 2.3 percent, from 1.8 percent it predicted in October.

Investors' confidence on the euro continued to recover and the euro climbed to 1.3538 against the dollar in Wednesday's trading session, the highest level since late November.

Meanwhile, the U.S. Commerce Department said on Wednesday that U.S. housing starts dropped to an annual rate of 529,000 units, down from November's 553,000 and well below forecasts around 550, 000 in a Reuters poll.

The worse-than-expected housing data was also the lowest level in over a year, suggesting that the U.S. house sector still tried to pull itself from trough.

The dollar index, which tracks the greenback against a basket of six other currencies, fell to 78.594, compared with 78.972 late Tuesday.

In late Wednesday trading, the dollar bought 82.06 Japanese yen, comparing with 82.54 late Tuesday, and the euro rose to 1.3465 dollars from 1.3392.

The British pound also rose to 1.5990 dollars from 1.5979. The dollar fell from 0.9630 to 0.9550 against Swiss francs, but rose to 0.9960 Canadian dollars from 0.9927.

Source: Xinhua
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