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FX round-up: Dollar down

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Date: Tuesday 22 Jul 2008

LONDON (ShareCast) - Dollar was down on Monday as equities gave up earlier gains, while higher oil prices also hit the currency.

Equities moved lower after pharmaceutical giants Merck & Co and Schering-Plough delayed their second-quarter results until after the close.

Stocks were down despite better-than-expected results from Bank of America, which saw net income tumble 41% to $3.41bn, or 72c a share, but analysts had predicted a drop to 54c.

The pound recovered lost ground after mortgage lender HBOS said it received the backing of only 8.29% of shareholders for its £4bn rights issue.

Meanwhile, Rightmove said house prices fell by more than £4,000 this month from June.

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