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FX round-up: Dollar settles higher versus euro

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Date: Tuesday 01 Apr 2008

LONDON (ShareCast) - The dollar mostly rose against other major currencies Monday, recovering from an earlier sell-off, following a slightly better-than-expected Chicago Purchasing Managers Index.

The index improved to 48.2 in March, up from 44.5 the previous month and above most analyst predictions.

However over the quarter the dollar has recorded its worst performance against the euro and the yen since the first quarter of 2004.

US Treasury Secretary Henry Paulson failed to inspire dollar investors as he outlined plans for financial reform, which includes extending the Federal Reserve’s supervisory powers over Wall Street.

Meanwhile sterling fell sharply against the euro after a fresh report showed British house prices fell for the sixth consecutive month in March.

A survey by online property group Hometrack said house prices fell by 0.2% in March to £174,100, with annual inflation now just 0.4%, the lowest for two years.

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