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Euro, pound, yen higher against dollar
posted 6:03 am Fri May 16, 2008 - FRANKFURT, Germany
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The euro traded slightly higher against the U.S. dollar Friday after data showed a drop in U.S. industrial production and unexpectedly strong first-quarter economic growth in Germany.The 15-nation euro bought $1.5470 in European morning trading, up from the $1.5454 it bought late Thursday in New York. The British pound bought $1.9477, up from the $1.9451 it bought late Thursday, while the dollar also fell against the Japanese yen, buying 104.51 yen, compared with the 105.26 yen it bought late in New York.
"The dollar is looking slightly weaker on the back of yesterday's manufacturing data but there hasn't been too significant a slump in the greenback so far," said James Hughes, an analyst at CMC Markets in London.
Data released Thursday showed U.S. industrial production dropped 0.7 percent last month, more than double the decline that economists had expected.
Meanwhile in Germany, Europe's largest economy, data showed that the economy grew by 1.5 percent in the January-March period compared with the previous quarter, its quickest pace in more than a decade.
"The dollar is looking slightly weaker on the back of yesterday's manufacturing data but there hasn't been too significant a slump in the greenback so far," said James Hughes, an analyst at CMC Markets in London.
Data released Thursday showed U.S. industrial production dropped 0.7 percent last month, more than double the decline that economists had expected.Meanwhile in Germany, Europe's largest economy, data showed that the economy grew by 1.5 percent in the January-March period compared with the previous quarter, its quickest pace in more than a decade.
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