04 Mar '11, 11pm

Dollar drops to four-month low against euro

NEW YORK - The dollar sank to a four-month low against the euro Friday as traders bet on the European Central Bank to raise interest rates next month. A better-than-expected US February jobs report pointed to recovery in the struggling labor market, but only from a still severely depressed level. The euro rose to $1.3979 around 2200 GMT from $1.3965 at the same time Thursday. The common European currency, which had dropped below $1.30 dollars in mid-January, soared earlier in the day to $1.4008, the highest peak since November 9. The dollar edged down against the Japanese currency, to 82.26 yen from 82.41 yen late Thursday. "We cannot forget that the European Central Bank (ECB) still plans to charge forward with raising interest rates as soon as next month with the Bank of England likely to follow," said Kathy Lien at Global Forex Trading. Lien said the prospect of higher ...

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

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