Euro rises on dollar to $1.3285
FRANKFURT, Germany (AP) – The euro rose against the dollar on Wednesday after more bad U.S. economic data showed falling home
prices and consumer confidence.
The 16-nation currency rose to $1.3285 in morning European trading from $1.3178 late Tuesday in New York.
In the U.S. on Tuesday, the Standard & Poor’s/Case-Shiller 20-city housing index tumbled by a record 18.2 percent from November 2007, the largest decline since its inception in 2000.
Meanwhile, the Consumer Confidence Index from the Conference Board edged down to 37.7 from 38.6 in December. The index has recently hit its lowest points since it began in 1967.
In Europe, the GfK consumer survey for Germany – Europe’s largest economy – showed Wednesday that the consumer climate in Germany remained stable while consumers’ propensity to buy increased. It was the first time since August 2007 that the propensity to buy reading hit positive territory.
That followed Germany’s Ifo business sentiment survey Tuesday that showed business confidence improved slightly in January after seven months of declines.
In other currencies, the British pound continued its recovery against the dollar, trading at $1.4272 Wednesday from $1.4152 late Tuesday in New York. The dollar bought 89.15 yen, up from 88.90.
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