19 May '11, 11pm

Dollar slips on poor US economic data

NEW YORK - The dollar lost ground to the euro Thursday against the euro on a sheaf of poor reports that suggested the US economic recovery remains weak. At 2100 GMT the euro had risen to $1.4308 from $1.4236 late Wednesday. Indicators that showed US sluggish industrial activity, still-depressed homes sales, and continuing high new jobless claims gave traders little reason to support the greenback. "Existing home sales in the US were very weak; on the back of that we are seeing some bounce in the euro," said Samarjit Shankar of BNY Mellon. Kathy Lien of GFT said the data underscored the low likelihood that the Federal Reserve intends to push up interest rates, even as it shuts down its "qualitative easing" program to inject more liquidity into the system. "The shift over the past six weeks shows exactly how long investors think it will take for the Federal Reserve to start ...

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

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