24 December, 2008
Dollar Edges Higher vs Euro, Pound, Yen
Dollar edges higher vs euro, pound, yen in light holiday-week trading
The dollar traded mixed against major currencies Tuesday in light holiday trading.
The 15-nation euro inched up to $1.3967 in late New York trading, up from $1.3958 late Monday, while the British pound traded down to $1.4735 from $1.4865.
The dollar also rose to 90.68 Japanese yen from 90.07.
A stream of dour economic data
on U.S. housing and economic activity left the buck largely unscathed
as the end of the year approaches, especially as economies abroad show
pain as well.The Commerce Department reiterated that gross domestic product in the third quarter fell at an annual rate of 0.5 percent. The estimate is unchanged from last month. Economists expect a sharper decline in the current quarter.
Two housing reports on Tuesday, one from the Commerce Department on new home sales and one from the National Association of Realtors on existing home sales, fell by more than expected. New home sales fell 2.9 percent, to the slowest pace in almost 18 years, in November. Home resales fell by 8.6 percent to a yearly rate of 4.49 million in November. Both reports noted double-digit declines in median sales price.
The Dow Jones industrials finished lower for the fifth straight day, falling 100 points to 8,419.49.
In Britain, meanwhile, the government said the economy shrank by 0.6 percent in the third quarter, more than had previously been thought. The Bank of England is expected to cut interest rates close to zero in 2009.
Cutting rates can undermine a currency as investors transfer assets elsewhere, looking for higher returns. The Federal Reserve cut the federal funds rate to a range of 0.25 to zero earlier this month. Few major economies now have rates above Britain's current 2 percent.
In other currencies, the dollar slipped to 1.2133 Canadian dollars from 1.2185, and fell to 1.0871 Swiss francs from 1.0916.
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