Dollar mixed on renewed uncertainty in Egypt

08:26, February 12, 2011      

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The U.S. dollar traded mixed against major currencies in late New York trading on Friday as Egyptian President Hosni Mubarak resigned.

The dollar pared gains in early trading after Mubarak's resignation as risk-aversion mood was eased. The dollar index rose to 78.465, up from 78.221 late Thursday.

However, renewed uncertainty about Egypt was raise following Mubarak's stepping down, the dollar's new direction remains unclear.

The U.S. Commerce Department said the trade deficit in December increased 5.9 percent to 40.6 billion dollars. It grew because a 2. 6 percent gain in imports outpaced a 1.8 percent rise in exports.

Meanwhile, the preliminary February reading for the overall index on consumer sentiment came in at 75.1, the highest level in eight months, up from 74.2 in January, showing the consumption in the U.S. was keeping strong.

Recent U.S. economic data has helped the dollar to surge, but investors began to worry that the dollar might be over-estimated and faced the risk of falling back.

Moody's Investors Service downgraded the unguaranteed senior unsecured debt ratings of six Irish banks and kept them under review for further possible downgrade, raising concerns about the euro zone debt problem.

The euro declined to 1.3538 in late trading session, down from 1.3603 in late Thursday.

In late Friday trading, the dollar bought 83.49 yen, comparing with 83.32 late Thursday, and the euro fell to 1.3541 dollars from 1.3593.

The British pound also fell to 1.6024 dollars from 1.6092. The dollar rose from 0.9696 to 0.9739 against Swiss francs, but fell to 0.9878 Canadian dollars from 0.9958.

Source: Xinhua
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