(REUTERS) Dollar sets multi-month lows vs Europe currencies
Dollar sets multi-month lows vs Europe currencies
NEW YORK, April 26 (Reuters) - The dollar set new 3-1/2
month lows against the euro, five month lows against the Swiss
franc and new 2002 lows against the pound on Friday, as concern
about the sustainability of the U.S. recovery lingered even
after unexpectedly strong U.S. first quarter growth data.
"Even with the good gross domestic product figures, which
were expected, there is no rally in U.S. equities and the asset
markets and therefore the dollar is being sold off," said Hugh
Walsh, trader at Fortis USA in New York. "We hit stop-loss
selling against everything: euro, Swiss franc, sterling, yen."
Sterling set new highs for 2002 above $1.4570 <GBP=>
according to Reuters data, levels not seen since Dec. 12, 2001.
Against the Swiss franc, the dollar fell as low as 1.6225
francs <CHF=>, its lowest levels since Nov. 12, 2001, and down
0.40 percent on the day.
The euro, which earlier had inched above the
psychologically important 90 cent level, set fresh 3-1/2 month
highs against the dollar near 90.14 cents <EUR=>. The dollar
was also pinned to 1-1/2 month lows against the Japanese
currency around 127.85 yen <JPY=>, down 0.65 percent on the
day.
((U.S. Financial Markets Desk, 646 223 6322))
REUTERS
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