Business | Markets
Dollar gains in thin trade
The dollar recovered in trade thinned by a US market holiday on Monday, as investors locked in profits following the currency's worst weekly performance of the year so far.
- Reuters
- Published: 00:35 February 19, 2008
London: The dollar recovered in trade thinned by a US market holiday on Monday, as investors locked in profits following the currency's worst weekly performance of the year so far.
A series of bleak US economic reports last Friday, including one showing consumer sentiment hitting a 16-year low, had rekindled worries about a US recession and reinforced expectations for more hefty interest rate cuts.
"I think it's just position unwinding with the United States on holiday today [but] we are still negative on the dollar," said Carl Hammer, analyst at SEB in Stockholm. By 1449 GMT, the dollar was up 0.3 per cent against a basket of major currencies at 76.303.
Share this article
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
What to expect at the Dubai Airshow
We preview what types of aircraft to expect at the Dubai Airshow
-
Air Arabia revamps its website
Upgraded site offers new features, accessible in range of languages
-
Dubai looks ahead to 2010 with new projects
Global visitor numbers up 4% on year and occupancy rates remain strong
