19 November 2001, 09:21 : Snapshot - Currency trends and influences
DOLLAR. The dollar's week-long rally ran out of steam on Friday,
with dealers reluctant to push it above recent three-month highs
against the euro and two-week highs against the yen ahead of
U.S. industrial production data at 1415 GMT. Industrial
production is expected to have fallen 0.9 percent in October,
while capacity utilisation is seen hitting fresh 18-year troughs.
EURO. The euro gained as much as half a percent against the dollar
on caution ahead of the U.S. data and expectations that German
Chancellor Gerhard Schroeder would clinch a confidence vote in
the German parliament later in the day. The euro also rose to
one-week highs against the yen.
YEN. The yen fell to one-week lows against a broadly firm euro.
It also touched fresh two-week lows against the dollar, but
recovered into positive territory as markets turned cautious on
the U.S. currency ahead of key U.S. economic data later in the
day.
STERLING. The pound traded with a firmer bias against the dollar as
caution set in ahead of U.S. industrial production data later in
the day. But it slipped against the euro as the single currency
recovered ground on expectation the German Chancellor would
survive a confidence vote in the German parliament later in the
day.
SWISS FRANC. The Swiss franc gained against the dollar as dealers took
profits on the U.S. currency's week-long rally. It was little
changed against the euro.
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