17 June 2005, 15:41  Dollar edges down against the euro ahead of U.S. trade figures

The dollar edged down against the euro but was little changed against the pound and the yen Friday. Worries about the massive U.S. trade deficit have weighed on the dollar, but recently other concerns, such as the lack of confidence in the European Union, have lifted the dollar against the euro. The 12-nation euro bought $1.2127 in midday European trading, up from $1.2093 late Thursday. The British pound inched up to $1.8230 from $1.8229, while the dollar bought 109.01 yen, up slightly from 108.94 yen. Economists expect the U.S. current account deficit -- the broadest measure of foreign trade -- to have widened to $190 billion in the first quarter from $187.90 billion the previous quarter. The figures were due later Friday. Markets held back Friday amid troubled budget negotiations at a European Union summit. EU leaders also extended the November 2006 deadline for ratifying the EU constitution, seeking to salvage the treaty following its recent rejection in French and Dutch referendums.

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