Skip to main content
Publish date:

Dollar Again Slips Vs. Euro Following U.S. Economic Data

The dollar fell for a second-straight day against the euro following discouraging economic data in the U.S.

The greenback dropped to 89.61 cents per euro from 89.42 in the prior session, while trading down to 122.48 yen from 122.76. The British pound reached as high as $1.4317 from $1.4276 Wednesday. The euro traded at 109.93 yen.

Hopes for an economic recovery in the U.S. were temporarily dashed as durable goods orders for September came in weaker-than-expected, falling 8.5%. Existing home sales also took a significant hit, dropping to 4.89 million from 5.54 million the previous month.

Overseas, the European Central Bank left interest rates unchanged at 3.75% after a meeting to discuss monetary policy Thursday.

TheStreet Recommends

Policymakers weren't convinced that inflation was slowing enough, despite political and corporate pressures to slash rates. Many economists expected a rate cut in light of recent inflationary implications and slumping consumer confidence in Germany, Italy and France.