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Dollar falls on weak economic data

Published: 05/11/2008 05:00

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The dollar fell against most major currencies on Wednesday after a report showed U.S. non-manufacturing sector contracted in October.

The dollar rose briefly after Barack Obama won the U.S. presidential election late Tuesday. It fell back after the Institute for Supply Management (ISM) reported on Wednesday that business activity index of U.S. non-manufacturing sector fell to 44.4 from 50.2 in September. A reading below 50 indicates contraction.

The greenback was also hit by a report from research group Automatic Data Processing (ADP). Employers in U.S. private sector slashed 157,000 jobs in October, according to ADP. Analysts said it signaled non-farm payroll data to be released by the Labor Department on Friday would be weak.

Rising of the euro and the pound were limited as the European Central Bank and the Bank of England are expected to cut their interest rates on Thursday. Weak data from Europe added to the view that the central banks would cut rate to stimulate struggling economies soon.

The euro bought 1.2992 dollars in late New York trading compared with 1.2954 dollars it bought late Tuesday. The pound rose to 1.5960 dollars from 1.5933 dollars.

The dollar fell to 1.1606 Swiss francs from 1.1645 Swiss francs, and fell to 98.95 Japanese yen from 99.69 Japanese yen. It rose to1.1628 Canadian dollars from 1.1522 Canadian dollars.

VietNamNet/Xinhuanet

Update from: http://english.vietnamnet.vn//international/2008/11/812264/

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