31 Aug '11, 10pm

US dollar gains on euro ahead of key data

NEW YORK: The US dollar rose against the euro on Wednesday in light trade ahead of the release of key figures on the US economy that could define the picture confronting policy makers for the next quarter. The euro dipped to $1.4374 from $1.4437 at 2100 GMT, still helped by expectations that the Federal Reserve could move to further stimulate the sagging economy later in September. The dollar got help from negative news out of Europe - projections for rising unemployment, delays in Greece's debt deal, and Italy recession warnings - said Jessica Hoversen of MF Global. But overall trade was quiet ahead of some benchmark US economic data releases over the next two days, that could show how close the country might be to falling back into recession, she said. Thursday will see the release of ISM Manufacturing Index for August, and on Friday the government will release job creat...

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

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