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FX round-up: Dollar sinks to new depths

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Date: Monday 03 Mar 2008

LONDON (ShareCast) - Dollar sunk to new depths against the euro, hindered by a collection of weak economic data, which raised the expectations of further rate cuts.

Personal income and personal spending both came in higher than expected in January according to the Commerce Department. Income rose 0.3% after rising 0.5% in December. Spending rose 0.4%, up from 0.3% in December. The PCE deflator was up 0.3%, as expected.

There was weak read on the Chicago PMI, which fell to 44.5 in February from 51.5 the previous month and worse than expected. The University of Michigan's consumer sentiment index was revised up slightly to 70.8 in February from 69.6.

The sterling was also at an all-time low against the euro as a Gfk survey showed that British consumer morale fell to its lowest in more than 13 years in February.

Meanwhile, figures from the Nationwide Building Society revealed that prices fell 0.5% from January, taking annual growth down to 2.7%, the lowest since November 2005.

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