30 Aug '11, 10pm

Fed notes help US dollar gain on euro

Fed notes help US dollar gain on euro

NEW YORK: The euro eased against the US dollar on Tuesday as sagging consumer data hit sentiment in both areas but dollar buyers were boosted by signs that the Federal Reserve could move to stimulate the US economy. At 2100 GMT the euro was at $1.4437, compared to $1.4510 a day earlier. Consumer confidence indices for August dropped on both sides of the Atlantic, darkening the clouds over the US and eurozone economies. In the United States, the Conference Board consumer confidence index tumbled almost 15 points from July to 44.5, the lowest reading since April 2009. In Europe, eurozone consumer and business confidence also slumped in August, falling for the sixth consecutive month as Germany, Europe's powerhouse economy, tanked, an EU survey showed. "The current level of the economic sentiment indicator ... probably indicates that the recovery in the eurozone has come to a...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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