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FX round-up: Dollar extends losses

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Date: Tuesday 04 Mar 2008

LONDON (ShareCast) - The dollar extended losses against the euro after a report showed that construction spending had fallen by the biggest amount in 14 years.

The Commerce Department said that construction spending in January fell by 1.7%.

The Institute for Supply Management's manufacturing index fell to 48.3 last month from 50.7 in January, just ahead of the 48 analysts had predicted. Although February’s read was still the worst in almost five years and below the 50 mark, above which indicates growth.

The pound also slid lower against the euro and the yen on the back of some weak economic data.

The Chartered Institute for Purchasing and Supply’s monthly purchasing managers' index edged up to 51.3 in February from an upwardly revised 50.7 the month before. Economists, who had forecast a smaller increase to 51.

Meanwhile, mortgage approvals for home purchases inched up during January, but remained near historic lows, data from the Bank of England revealed.

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