24 Mar '11, 10pm

Euro defies headwinds as US dollar slides

NEW YORK: The US dollar fell against the euro and other major currencies on Thursday, as traders brushed off bad news from the eurozone and shunned the safe-haven greenback. The euro rose by almost a cent against the dollar, to $1.4176 by 2145 GMT from $1.4083 in New York late Wednesday. Traders seemed to have already taken on board the fall of the Portuguese government and the increasing likelihood Lisbon will need a debt rescue from the European Union and the International Monetary Fund, like Greece and Ireland last year. According to David Song, a currency analyst with DailyFX, "hawkish comments from the European Central Bank helped to prop up the single-currency on Thursday." "ECB board member Erkki Liikanen said inflation in the euro-area 'may rise faster than expected' on the back of rising food and energy prices," noted Song. That raised expectations of a rise in in...

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

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