FX round-up: Dollar rises from earlier lows
01-07-2009 06:28
The dollar rose against other currencies as lower consumer confidence figures promoted investors to rush to the safety of the currency.
Release of the Conference Board's data stopped the decline of the dollar, which had been lower earlier in the day.
Sterling had hit an eight-month high against the dollar at one stage yesterday but those gains ebbed away by the close.
Weak GDP figures in the UK also weighed on sterling. GDP fell by 2.4% from the previous quarter, which is a downward revision from the previous estimate of a 1.9% fall. It is the fastest contraction in the UK economy since 1958 and means GDP is now 4.9% lower than in the first quarter of 2008.
Meanwhile, UK house prices rose for the third month in four in June, with Nationwide, which compiled the figures, describing the numbers as a "welcome surprise". Prices rose by 0.9% in June, cutting the annual rate of decline to 9.3%, from 11.3% in May.
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