Dollar mixed while euro keeps on falling

07:58, December 01, 2010      

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The U.S. dollar traded mixed against major currencies in late New York trading on Tuesday as the euro showed no sign of recovery due to euro zone debt worries.

The euro plunged to below 1.30, nearly 3-month low against the dollar in Tuesday's trading session, the pair lost about seven percent this month, the worst performance since this May when Greece received a 110-billion-euro bailout.

Investors were losing faith on the euro as many of them believed Spain and Portugal would face serious debt problem soon, despite Ireland got financial support to fix its problem on Monday.

Analysts suggested that given the losing streak on euro zone assets, the European Central Bank should take a more active hand in managing the crisis.

With the euro continued its slump, the dollar index gained rising momentum and hit a more than two-month high of 81.444 on Tuesday.

Also, the U.S. consumer attitudes increased to 54.1 in November, the strongest since June, from a revised 49.9 in October. The better-than-expected consumption data also gave investors confidence on U.S. economy, thus helped attract more bets on the dollar.

In late Tuesday trading, the dollar bought 83.66 Japanese yen, comparing with 84.24 late Monday, and the euro fell to 1.3012 dollars from 1.3116.

The British pound rose to 1.5580 dollars from 1.5565. The dollar rose from 1.0005 to 1.0027 against Swiss francs, and also rose to 1.0247 Canadian dollars from 1.0196.

Source: Xinhua


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