31 Mar '11, 10pm

US dollar slips against euro on ECB rate hike hopes

NEW YORK: The US dollar lost value against the euro on Thursday as the European common currency drew buyers on rising hopes of an interest rate hike in the eurozone next week. The European single currency rose to $1.4155 from $1.4129 in New York late Wednesday. The dollar climbed sharply against the Japanese currency, to 83.20 yen from 82.87 yen on Wednesday. The dollar pared the day's losses late in the session after The Wall Street Journal published an interview with a Federal Reserve district bank president who suggested an interest rate increase was "certainly possible" by year-end because of rising inflation. Narayana Kocherlakota, head of the Minneapolis Federal Reserve Bank, said he expected core inflation - excluding volatile food and energy prices - to rise from about 0.8 percent late last year to about 1.3 percent by year end. In the face of a fragile economic re...

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

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