1 March 2005, 14:09  Dollar Stronger Against Euro

The dollar was up Tuesday against the euro, as markets looked ahead toward testimony from U.S. Federal Reserve Chairman Alan Greenspan expected to support the U.S. currency.
The euro fell to US$1.32 in early European trading, from US$1.3250 in New York the night before.
The British pound was also down, trading at US$1.9200 from US$1.9220 the day before. The dollar bought 104.58 Japanese yen, marginally more than 104.52 yen on Monday.
Greenspan is to testify before the U.S. Congress on Wednesday and analysts expect him to stress a strong dollar.
The dollar slipped Monday against the euro, as the U.S. government reported that personal income fell 2.3 percent in January versus expectations of a 2.6 percent decline and after December's 3.7 percent rise.
Later this week, the U.S. will report February nonfarm payrolls, fourth-quarter productivity and the Institute for Supply Management's manufacturing and non-manufacturing indexes for February, all of which could help the dollar.
But rising oil prices could keep pressure on the dollar, which has been suffering against the 12-nation European currency.
The euro soared from about US$1.20 in September to an all-time high of US$1.3667 at the end of December, powered by concerns over the U.S. budget and trade deficits. The dollar has since regained some ground, but analysts think the recovery could be temporary and that the euro will continue its rise this year.

© 1999-2024 Forex EuroClub
All rights reserved