Dollar falls at year end |
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Mon, 31 Dec 2007 20:56
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NEW YORK (AP) - The dollar was mixed in New York on Monday, the last trading day in a year of losses for the U.S. currency.The dollar nudged up against the 13-nation currency. The euro bought $1.4682 in late New York trading, down from $1.4720 on Friday.The dollar hit a two-week low at one point and is poised for its second annual decline against the euro. The dollar reached all-time lows last month against the euro, which began trading eight years ago. The U.S. currency has fallen more than 10 percent this year against the euro.The British pound rose to $2.0029, from $1.9922, while the dollar slid to 111.54 Japanese yen from 112.78 yen.The dollar has been buffeted by worries over the health of the U.S. economy and three interest rate cuts by the U.S. Federal Reserve, which is trying to reduce borrowing costs to revive the nation's battered housing market. Investors think another rate cut may be on the way, pushing the dollar even lower on the final trading day of the year.Lower interest rates can jump-start a country's economy, but may weigh on the currency as traders look to invest in higher-yielding assets.On Friday, a report by the National Association of Realtors showed that sales of previously owned homes inched up in November but that didn't change the overall bleak picture for an ailing housing industry that has been suffering through a painful slump.Sales of existing single-family homes, condominiums and townhouses rose 0.4 percent in November from October, to a seasonally adjusted annual rate of 5 million units. Over the last 12 months, however, existing home sales have plunged 20 percent, underscoring the troubles in the housing sector.In other New York trading, the dollar edged up to 1.1276 Swiss francs from 1.1263 late Friday, and rose to 98.54 Canadian cents from 98.14 cents.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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