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September 24, 2006

Dollar steadies after big hit from weak data

 
September 24, 2006

NEW YORK: The dollar steadied on Friday a day after a big sell-off as investors looked past a weak report on manufacturing that some analysts said could signal bigger problems for the world’s biggest economy.

The euro stood at 1.2783 dollars at 2100 GMT from 1.2779 dollars late in New York on Thursday.

The dollar rose to 116.51 yen, compared with 116.33 yen late on Thursday.

The greenback had fallen to two-week lows against major currencies earlier in the day in a continued response to Thursday’s dismal Philadelphia Federal Reserve survey, which cemented market expectations that the next US interest rate move will be down. The report “might be remembered as the turning point of the US economy as the release showed widespread economic weakness,” said Scotiabank analyst Mark Ellerbeck.

Thursday’s report from the Philly Fed “struck a chord with a market that is becoming increasingly sensitive to the prospect of a US slowdown,” said Ian Gunner at Mellon Financial.