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FX round-up: Dollar recovers from record low

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Date: Thursday 24 Apr 2008

LONDON (ShareCast) - The dollar recovered from a record low against the euro on Wednesday as investors cheered a string of upbeat company earnings and as oil prices retreated from the previous session's record high.

The dollar has been weakened by concern about the health of the US economy and rising inflation in Europe.

Comments from ECB member Christian Noyer earlier in the week that the ECB would take the “necessary steps” to curb inflation boosted expectations of more rate hikes in Europe. However Noyer said on Wednesday that, “movements can go both ways."

Weak manufacturing data also sapped the euro. The RBC/NTC Eurozone Purchasing Managers Index fell to nearly a 3-year low in April. Meanwhile a German manufacturing report showed activity also declined.

Sterling fell against the dollar after minutes from the last Bank of England's last Monetary Policy Committee meeting showed there increasing concern about inflation, namely higher food and utility costs.

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