LONDON, Nov 21: The dollar recovered some lost ground against the euro late Friday as the markets adjusted to a stream of bad news on the economic outlook, seeking the best bet to get though the looming recession.
Dealers said safety-first considerations help the dollar but the stream of dire news on the US economy undermines that sentiment while weakening eurozone data in turn undoes any perceived advantage for the euro.
In late London trade, the euro was at $1.2546, down from $1.2600 in early trade but up from $1.2458 in New York late Thursday. Against the Japanese currency, the dollar was higher at 95.25 yen, up from 93.82 yen.
Analysts at Moneycorp said there was no let up in demand for dollars, as reflected in overwhelming demand for US government bonds.
On the London Bullion Market, the price of gold jumped to $774.50 an ounce from $738 late on Thursday.—AFP
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