Dollar Continues Rise Against Euro, Pound

Discussion in 'Economy' started by -Cp, Apr 14, 2005.

  1. -Cp

    -Cp Senior Member

    Sep 23, 2004
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    The dollar is making a comeback, punches euro in the face, sleeps with his wife

    The U.S. dollar rose against the euro Thursday as investors noted a further drop in the number of Americans seeking unemployment benefits and kept their focus on a report from the International Monetary Fund saying the global economy should continue to expand.The euro bought $1.2816 in afternoon European trading, down from $1.2915 in New York late Wednesday. The British pound bought $1.8813, down from $1.8944.

    The dollar also rose against the Japanese yen, buying 108.21 yen from 107.35 late Wednesday.

    In Washington, the number of Americans filing new claims for unemployment benefits fell by 10,000 last week, the second straight week of improvement. The Labor Department reported 330,000 new filings for jobless benefits last week compared to 340,000 in the previous week, when the number of new claims had fallen by 12,000.

    On Wednesday, the IMF said that the global economy should continue to expand at a brisk pace in 2005, but warned it was too reliant on demand in the United States and remains vulnerable to high oil prices.

    In its latest world economic outlook, the IMF predicted global output would rise 4.3 percent this year, an increase of 0.2 percentage points from its last forecast in October. For 2006, the fund predicted output would rise 4.4 percent.

    Faster-than-expected growth in the United States, China and other developing economies in Asia and Latin America offset downgraded forecasts for Europe, Japan and Russia.

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