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FX round-up: Dollar down on data

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Date: Friday 22 Feb 2008

LONDON (ShareCast) - The dollar slid against other major currencies on Thursday as weak data hit the greenback.

Traders noted a weaker than expected Philadelphia Federal Reserve manufacturing report for February and a fourth consecutive fall for the Conference Board's economic indicators index.

US initial jobless claims also dropped by 9,000 to 349,000 last week, just shy of expectations of a fall to 345,000.

Many now think the Fed will have to move rates lower still, perhaps by as much as 50 basis points when it meets next month, lessening the appeal of the dollar.

Sterling surged against the dollar after figures from the Office for National Statistics showed that retail sales jumped 0.8% last month, reversing the previous month’s 0.4% decline and trumping expectations for a 0.3% recovery.

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