03 Feb '11, 11pm

Dollar gains amid Egypt turmoil

Dollar gains amid Egypt turmoil

NEW YORK - The dollar extended its gains Thursday as Egypt's turmoil showed no sign of ending and Europe's central bank toned down its rhetoric about eurozone inflation. At 2200 GMT, the euro was at $1.3630 against $1.3808 late Wednesday. The dollar also pulled up slightly against the Japanese currency, trading at 81.59 yen from 81.54 a day before. Besides Egypt's violent protests, which have encouraged some flight to the dollar, the main impetus for the euro's weakness and dollar's strength was European Central Bank president Jean-Claude Trichet's indication that the bank was less concerned about inflation than earlier thought -- and that any rate hike would come later in the year. After an ECB policy meeting, Trichet said in a statement that "price developments will remain in line with price stability over the policy-relevant horizon." But he added, on the European econo...

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

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