Euro slips against dollar

Published January 3, 2009

LONDON, Jan 2: The dollar rose against the euro and yen on Friday on the first trading day of 2009, as the foreign exchange market absorbed disappointing manufacturing data for the eurozone, analysts said.

The European single currency fell against the dollar in Asian trades before climbing back to $1.3959 in the afternoon London, still down from $1.3969 in New York late on Wednesday ahead of Thursday’s New Year holiday.

Against the Japanese unit on Friday, the dollar advanced to 91.22 yen from 90.63 yen on Wednesday.

But currency markets were generally subdued, with many participants away for Christmas and year-end holidays. Tokyo remained shut on Friday.

“Sandwiched between the New Year holiday and the weekend, today looks set to be another session dominated by low liquidity and a general lack of participation,” said Calyon analyst Daragh Maher.

Liquidity should gradually return to the market beginning next week, when traders will be closely watching key US economic data as well as comments from the US Federal Reserve.—AFP

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