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FX round-up: Dollar weak but off earlier lows

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Date: Wednesday 16 Apr 2008

LONDON (ShareCast) - In currency news the dollar was lower against major currencies but off lows from overnight following upbeat US economic data.

A report out Tuesday showed a rise in US wholesale prices. The data lowered expectations that the Federal Reserve will cut interest rates again.

The dollar was also helped by weaker than expected economic data from Germany. The ZEW institute's widely watched report showed a surprise drop in economic sentiment.

Meanwhile the pound dropped sharply against the euro after a house price index came in at a 30-year low, underlining concern about Britain's slowing housing market.

The RICS data increases expectations that the Bank of England may have to cut interest rates again to help the weakening housing market from getting any worse.

Sterling was also hit by a decline in retail sales and a report which showed consumer prices hardly changed.

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