News: 2010-07-30 19:40:00 UTC+00

Dollar Backpedals To End Brutal July

The dollar remained at the mercy of the sterling and yen on Friday, ending a brutal July at a multi-month low versus a basket of key majors.

While economic momentum has been picking up elsewhere, particularly Latin America and Europe, where a sovereign debt crisis appears to have run its course, the US recovery remains in doubt amid stubborn weakness in housing and jobs.

Today's slew of economic data did little to generate optimism about the second half of the year.

U.S. economic activity increased at a slightly slower than expected pace in the second quarter, according to a report released by the Commerce Department on Friday.

The report showed that gross domestic product increased at an annual rate of 2.4 percent in the second quarter compared to the revised 3.7 percent jump seen in the first quarter.

Later, the University of Michigan's monthly survey said US consumer sentiment plunged in July to its lowest level in nine months.

The dollar dropped to a new yearly low versus of 85.93 versus the yen, which has replaced the bcuk as the world's preferred safe haven currency.

A move below 84.80 would take the dollar to its lowest since 1995 against the yen.

Versus the sterling the buck slumped to a fresh 5-month low of 1.5721.

Choppy trading left the dollar near its 2 1/2 month low versus the euro. The buck held near 1.3050, having touched 1.3106 on Thursday.

Copyright(c) 2010 News.com, Inc. All Rights Reserved


Published: 2010-07-30 19:40:00 UTC+00 1 year, 6 months, 1 week, 3 days, 1 hour, 49 min. ago
 
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