Dollar Broadly Weaker To Other Majors Friday Morning
Friday, March 16, 2007 7:05:53 AM - The greenback was weaker across the board against other major currencies Friday morning, falling to a 3 � month low against the euro. Investors were nervously awaiting a slew of key US economic data including consumer prices and consumer sentiment. Traders have seen signs of a slowdown in the US economy this week amid problems in the US mortgage sector.
The dollar plunged to a 3 � month low of 1.3336 against the euro Friday morning in New York after pausing briefly from losses in the previous session. Trading took place amid the release of data showing that Italy’s total trade deficit narrowed in January.
The dollar plummeted in early dealing Friday in New York against the pound. After moving around 1.938 Thursday evening, the dollar began a sharp retreat in the small hours of the morning, falling to a 2 week low of 1.9488. On Thursday, BOE member Andrew Sentance, warned that Britons may have to slow spending to keep inflation under control in the near term.
The continued a slide from the previous session against the yen Friday morning in New York. The greenback fetched 116.60 at 7:00 am ET, down from an overnight level of around 117. Early Friday morning, official data indicated Japanese leading index revised up, while the coincident index was revised down in January.