Special Report:Global Financial
Crisis
NEW YORK, Feb. 27 (Chinese media) -- The
dollar rose against the euro and most other major currencies on Friday after
latest reports showed euro zone inflation tumbled to a 10-year low and
unemployment rate rose further.
The euro area seasonally adjusted unemployment rate
was 8.2 percent in January 2009, compared with 8.1 percent in December 2008,
according to Eurostat, the Statistical Office of the European Communities.
Unemployment in January is a record high in two years.
A labourer works on the gold bars which are going to be melted in a smelter at a plant of gold refiner in Istanbul February 27, 2009. Gold extended gains to session highs in Europe on Friday as risk aversion spurred by worse-than- expected U.S. GDP data lifted the metal from the two-week lows it hit earlier in the day.(Chinese media/Reuters Photo)
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In a separate report, the Eurostat said that euro
area annual inflation fell to 1.1 percent in January 2009, its lowest level
since July 1999. It was down sharply from the reading of 1.6 percent in
December.
The fall brought inflation in the euro zone to well
below the European Central Bank's comfort zone of "close to but below" 2
percent. The report boosted speculation that the European Central Bank would cut
its key interest rate when it meets next week.
The U.S. Commerce Department reported that U.S. real
gross domestic product decreased at an annual rate of 6.2 percent in the fourth
quarter of 2008. It was much worse than an earlier estimate of 3.8 percent. The
report helped erase some of the dollar's gains against European currencies.
The euro bought 1.2697 dollars in late New York
trading compared with 1.2749 dollars it bought late Thursday. The pound fell to
1.4109 dollars from 1.4310 dollars.
The dollar rose to 1.2646 Canadian dollars from
1.2390 Canadian dollars, and rose to 1.1685 Swiss francs from 1.1650 Swiss
francs. It fell to 97.84 Japanese yen from 98.38 Japanese yen.
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