Thursday, June 28, 2007

Dollar Down Against Pound; Even With Other Majors, Thursday, June 28, 2007 11:11:53 AM

The dollar slipped against the sterling and was little moved against the euro and yen on Thursday in New York. Traders considered a report from the Commerce Department showed that first quarter GDP growth was revised up to 0.7 percent but still marked the slowest pace of growth in over four years.

The dollar was uncertain against the euro on Thursday in New York. The greenback fell on Wednesday evening and into early Thursday morning. It surged up sharply at around 3 a.m., but edged lower for the next several hours. The dollar stabilized in the later afternoon and traded at 1.3464 at 10:50 a.m. ET, near its overnight levels. In general, the dollar is trading near a three-week low against the euro. On the economic front in the euro zone, Italian consumer prices rose 0.2% in June and wholesale turnover in Germany declined at an annual rate of 1.8% in real terms.

The greenback fell against the pound on Thursday in New York. The greenback saw weakness in the early morning before rebounding at around 2 a.m. It climbed for a few hours but then edged lower to give back those gains. The currencies traded at 2.0025 at 11 a.m. ET. Traders considered data showing house prices in the UK increased 11.1% annually and 1.1% on the month in June

The U.S. dollar was generally flat with the Japanese yen on Thursday in New York. The buck gained on Wednesday night before slipping at around 10 p.m. ET. It edged back higher at around 2 a.m. ET Thursday and heading generally sideways from there. The currencies traded at 122.97 at 11:05 a.m. ET. Traders considered a preliminary report released by Japan`s Ministry of Finance that showed industrial production declined 0.4% in May. However, industrial production rose 3.7% from the previous year.
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