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09:50, November 15, 2008 |
The U.S. dollar fell against most major currencies Friday as investors hoped a summit of world leaders in Washington could help relieve the financial crisis.
Leaders of the world's major economies will meet over the weekend to seek solutions to the global financial crisis. The meeting could possibly yield some decisions about mending the troubled global financial system and provide direction for the future of currency and credit markets.
Risk appetite in foreign exchange trading was also helped by a report that the Reuters/University of Michigan consumer confidence index improved unexpectedly in November by 0.3 from the previous month. The latest reading was 57.9, much better than analysts had expected. Consumer confidence was supported by falling gas prices and discounts from retailers and offset worries over a slumping economy.
But high-yielding currencies are still under pressure from new signs of economic recession, analysts said. The U.S. Commerce Department reported Friday that retail sales fell by 2.8 percent in October, its biggest monthly drop ever. The dollar is expected to remain strong next week as investors seek safe havens amid the worldwide economic downturn.
The euro bought 1.2797 dollars in late New York trading compared with 1.2695 dollars it bought late Thursday. The pound rose to 1.4949 dollars from 1.4671 dollars.
The dollar fell to 1.1852 Swiss francs from 1.1912 Swiss francs. It rose to 97.57 Japanese yen from 96.39 Japanese yen. It fell to 1.2186 Canadian dollars from 1.2264 Canadian dollars.
Source:Xinhua
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