Dollar rises as euro extends losses

11:31, November 27, 2010      

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The U.S. dollar rose against major currencies in late New York trading on Friday as the euro extended its losses against the dollar on fears that Portugal and Spain would be the next to need bailouts after Ireland.

Concerns about the European debt crisis and tensions on the Korean Peninsula lifted the dollar as investors sought safe-haven investment.

The euro traded around 1.3239 against the dollar in late trading session, after once falling to as low as 1.3200.

The trading volume was thin due to the Thanksgiving holidays. Analysts said the dollar should also benefit if U.S. housing and jobs data next week came in stronger than expected, which would reinforce expectations the U.S. economy is outperforming that of Europe.

In late Friday trading, the dollar bought 84.07 Japanese yen, comparing with 83.57 late Wednesday, and the euro fell to 1.3237 dollars from 1.3368.

The British pound also fell to 1.5602 dollars from 1.5760. The dollar rose from 1.0002 to 1.0030 against the Swiss franc, and rose to 1.0199 Canadian dollars from 1.0094.

Source: Xinhua


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