Dollar tumbles on upbeat earnings, data

10:07, February 17, 2010      

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The dollar lost ground against the euro and the sterling pound on Tuesday as upbeat corporate earnings reports and manufacturing data increased investors' appetite for riskier assets.

The dollar fell on Tuesday as Kraft Foods Inc., Abercrombie & Fitch and British bank Barclays all presented results that topped analysts' expectations.

Moreover, a report on manufacturing activities in the New York area came out stronger than expected. The Empire State manufacturing index rose to 24.91 this month from 15.92 in January, much higher than a forecast of 18.

Meanwhile, investors' worries over Greece's debt crisis eased somewhat after the European finance ministers' meeting provided more visibility into the euro zone's coordination, offering support for the euro.

The euro jumped to 1.3757 dollars by afternoon in New York from 1.3600 dollars late Monday. U.S. markets were closed on Monday for the President's Day holiday. Meanwhile, the British pound rallied to 1.5776 dollars from 1.5661 dollars.

In other trading, the dollar edged up to 90.09 Japanese yen from 89.96 late Monday, but slid to 1.0664 Swiss francs from 1. 0777, and dropped to 1.0438 Canadian dollars from 1.0494 late Monday.

Source: Xinhua
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