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Dollar rebounds against euro on ECB remarks |
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08:29, July 04, 2008 |
The dollar rose against the euro and other major currencies on Thursday as the European Central Bank (ECB) signaled it may not increase interest rates again.
As widely expected, the ECB raised its benchmark interest rate by a quarter percentage point to 4.25 percent in an effort to halt rising inflation.
The ECB president Jean-Claude Trichet said the rate hike would help bring inflation back below 2 percent. He said he has "no bias" on further moves.
Traders reduced bets the ECB will increase rates further this year. Trichet's comments helped counter a government report showing U.S. employers eliminated jobs in June for a sixth consecutive month.
The U.S. Labor Department says employers cut 62,000 jobs in June. Economists predicted the number of jobs would fall but investors appear somewhat relieved that the losses weren't steeper.
The euro bought 1.5699 dollars in late New York trading compared with 1.5888 dollars it bought late Wednesday. The British pound fell to 1.9829 dollars from 1.9936 dollars.
The dollar rose to 1.0267 Swiss francs from 1.0142 Swiss francs, and rose to 106.77 Japanese yen from 105.99 Japanese yen. It rose to 1.0186 Canadian dollars from 1.0122 Canadian dollars.
Source:Xinhua
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