Dollar falls on weak US data

Published December 25, 2008

LONDON, Dec 24: The dollar dipped against the euro on Wednesday in lacklustre pre-holiday trading, weighed down by new data underlining weaknesses in the US economy.

The single European currency in late-day trade was at $1.3991 after $1.3924 late Tuesday in New York.

The dollar was meanwhile trading at 90.52 yen, down from 90.96 on Tuesday.

The US currency came under selling pressure on news that US incomes and spending contracted in November as recession took a heavy toll.

The United States is facing prolonged recession after a housing mortgage crisis sparked financial turmoil across the globe and caused a severe economic downturn.

The Labour Department said separately Wednesday that new US weekly jobless claims rose by 30,000 over the past week to 586,000, in another sign of a weak employment picture.—AFP

Opinion

Editorial

Parliament’s place
Updated 17 Sep, 2024

Parliament’s place

Efforts to restore parliament’s sanctity must rise above all political differences and legislative activities must be open to scrutiny and debate.
Afghan policy flux
17 Sep, 2024

Afghan policy flux

AS the nation confronts a major militancy problem in the midst of poor ties with Kabul, there is a dire need to...
HIV/AIDS outbreak
17 Sep, 2024

HIV/AIDS outbreak

MULTIPLE factors — the government’s inability to put its people first, a rickety health infrastructure, and...
Political drama
Updated 16 Sep, 2024

Political drama

Govt must revisit its plans to bring constitutional amendments and ensure any proposed changes to judiciary are subjected to thorough debate.
Complete impunity
16 Sep, 2024

Complete impunity

ZERO per cent. That is the conviction rate in crimes against women and children in Sindh, according to data shared...
Melting glaciers
16 Sep, 2024

Melting glaciers

ACCELERATED glacial melt in the Indus river basin, as highlighted recently by the National Disaster Management...