Thursday, September 25, 2008

Dollar weakens versus major Latin American currencies, Thursday, September 25, 2008 4:49:55 PM

The US currency weakened against its major Latin American counterparts during New York trading on Thursday after some significant economic reports were released during morning session turned out to be disappointing.

According to a report released today by the US Department of Commerce that new home sales fell 11.5% to a seasonally adjusted annual rate of 460,000 units in August from the upwardly revised July rate of 520,000. The Commerce Department also said that durable goods orders fell 4.5% in August following a downwardly revised 0.8% increase in July.

The Department of Labor released that jobless claims unexpectedly jumped to 493,000 from the previous week`s revised figure of 461,000.

The US dollar dropped against the Brazilian real during New York trading on Thursday. The greenback fell to a 2-day low of 1.8145 versus the real by about 3:25 pm ET from today`s high of 1.8655. The pair that closed yesterday`s deals at 1.8645 is now worth 1.8210.

The Brazilian Census Bureau (IBGE) reported Thursday that unemployment declined to 7.6 percent in August, compared to 8.1 percent in July.

After hitting a 1-week high of 10.8615 by about 8:00 am ET, the US currency lost ground against its Mexican counterpart in New York afternoon deals on Thursday. At about 3:25 pm ET, the pair slipped to 10.6975, compared to Wednesday`s closing value of 10.8500.Currently, the greenback is trading at 10.72 versus the Mexican peso.

During New York trading on Thursday, the US dollar weakened against the Chilean peso. The pair dropped to 537.05 by about 1:15 pm ET from early high of 541.50. Presently, the pair is trading at 537.28 from yesterday`s New York session close of 541.38. The pair had hit a multi-day high of 545.15 yesterday.

The dollar, which closed yesterday`s New York session at 2158.00 against the Colombian peso, dropped to 2077.50 in New York afternoon session today.


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