25 Mar '11, 11pm

Euro slips after strong US growth data

Euro slips after strong US growth data

NEW YORK - The European single currency slipped back Friday as strong US growth data buoyed the dollar and investors reviewed a troubled week amid fears over debt-laden Portugal. Dealers said the dollar got a boost after news the US economy grew 3.1 percent in fourth quarter 2010, up from a previous estimate of 2.8 percent, bolstering hopes that Middle East unrest, Japan's devastating earthquake and eurozone debt problems will not derail the recovery. By 2300 GMT the euro fell to $1.4088 from $1.4168 in New York late Thursday. The dollar advanced to 81.34 yen from 80.99 yen on Thursday. Comments by a senior US Federal Reserve official that the US central bank should return monetary policy to more normal settings -- interest rates have been held close to zero since 2008 -- reinforced faith in the dollar and the economy. The Fed and other central banks slashed interest rates...

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

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