Euro in comeback versus dollar
Filed Under: Business, World | Posted: 09/01/2008 at 2:15PM
Comments | Region: United Kingdom (Great Britain)
The euro made a comeback against the dollar this morning (August 18th) in foreign exchange on the back of rising oil prices.
An increase in oil prices came as a surprise as data out of the US last week revealed that industrial production had been stronger than expected for July.
The euro was at $1.4751 early this morning, marking a resurgence after it was trading for $1.4680 in New York on Friday.
James Hughes, a currency analyst at CMC markets, said: "After its seemingly relentless climb over the last couple of weeks, the dollar has seen a reversal in early trade as rising oil prices act as a prompt to start booking profits."
The dollar also fell against the pound, which bought $1.866 this morning after trading for $1.863 on Friday.
The decline in the dollar’s value marks the end of a two week rally by the US currency on the back of falling oil prices.