16 Feb '11, 11pm

Fed outlook, Middle East jitters leave dollar cold: NEW YORK - The euro gained ground on the dollar Wednesday de...

NEW YORK - The euro gained ground on the dollar Wednesday despite new worries over Middle East stability and the US central bank's rosier-than-expected view of economic growth. Weak US industrial production and housing starts figures for January cast a cloud on the dollar, though harsh snowstorms may have been partly to blame, according to analysts. The Federal Reserve's minutes from a January policy-setting meeting released Wednesday were more upbeat, describing increased consumer spending and increasing their forecast of 2011 economic growth to 3.4-3.9 percent. Still, the US central bank said they remained concerned about high unemployment and the depressed construction industry. At 2200 GMT the euro traded at $1.3570 dollars compared to $1.3488 late Tuesday. The dollar lost a little ground against the Japanese currency, buying 83.67 yen compared to 83.77 a day earlier. ...

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

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