25 Feb '11, 11pm

US dollar rebounds slightly against euro

NEW YORK: The US dollar regained ground against the euro on Friday after a week moving downward, as higher oil prices due to Libya's political turmoil threatened to moderate growth prospects in Europe and the United States. Markets remained on edge due to the fighting in Libya, where important oil supplies to Europe have been shut down. At 2200 GMT the euro traded at $1.3749, down from $1.3797 the same time Thursday. But the dollar gave up more ground to the Japanese currency, buying 81.68 yen from 81.91 yen a day before. The yen has climbed steadily in recent days as a safe-haven against the political instability in the Middle East. "The euro's pullback is likely due to profit taking and exposure reduction ahead of the weekend, while markets are also watching cautiously the elections in Ireland where the ruling coalition is likely heading for a defeat," said Vassili Sereb...

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

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