Euro falls to 11-week low against dollar

A+
A
A-

The reflection of a pedestrian seen in the window, with a sign at a money exchange bureau, in London, Monday, Feb. 25, 2013. The British pound recovered after hitting its lowest level against the U.S. dollar since July 2010. It was 0.2 percent up on the day. (AP Photo/Kirsty Wigglesworth)

NEW YORK — Positive manufacturing data from the U.S. and rising unemployment in Europe pushed the euro to an 11-week low against the dollar.

The British pound fell to a 2-year-low against the dollar on concerns about the United Kingdom’s economy.

The euro fell to $1.3017 late Friday from $1.3063 late Thursday. The euro fell as low as $1.2965, its lowest point since Dec. 11.

U.S. manufacturing expanded in February at the fastest pace since June 2011. The Institute for Supply Management said that its index of factory activity rose in February to 54.2, up from January’s reading of 53.1. A reading above 50 indicates expansion.

In Europe, official figures showed that unemployment across the 17 European countries that use the euro rose to 11.9 percent in January from 11.8 percent in December.

The British pound fell to $1.5018 from $1.5173. Earlier Friday, the pound fell as low as $1.4984, its lowest point against the dollar since July 2010. Britain’s currency has been under pressure since Moody’s downgraded the U.K.’s credit rating last week.

In other trading, the dollar rose to 93.58 Japanese yen from 92.69 Japanese yen.

The dollar fell to 0.9436 Swiss franc from 0.9367 Swiss franc and to $1.0285 Canadian dollar from 1.0299 Canadian dollar.

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement
advertisement