Dollar hits 11-month high versus euro

AFP
 
 
 
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AFP
 
 
 
LONDON, Sept 5, 2008 (AFP) – The dollar struck a near 11-month high versus the euro Friday on news of slumping industrial output in Germany, Europe’s biggest economy, and as the market awaited key US jobs data, traders said.
The euro fell to 1.4196 dollars in midday London trade — the lowest level since October 24, 2007. It later recovered slightly to stand at 1.4231 dollars, which compared to 1.4321 dollars in New York late on Thursday.
Against the Japanese currency, the dollar fell to 106.27 yen from 107.10 yen on Thursday.

“The US employment report for August dominates proceedings” on Friday, said Barclays Capital economist David Woo.

Non-farm payrolls are forecast to have fallen by another 75,000 in August after declining by 51,000 in July, according to an analyst consensus reported by Dow Jones Newswires.

The euro was meanwhile hit by the poor economic data out of Germany. The nation’s industrial output slumped by 1.8 percent in July from June, more than three times the downturn analysts had expected, official figures showed Friday.

Economists polled by Dow Jones Newswires had forecast a drop of just 0.5 percent.

“July’s sharp drop in German industrial production is further confirmation that the engine

 

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