FRANKFURT (AP) — The euro rose against the dollar Thursday as Asian equity markets slowed from recent advances and other economic news signaled the global economy will improve only slowly.
The 16-nation euro bought $1.5000 in European morning trade, up from $1.4976 late Wednesday in New York.
The British pound was nearly unchanged at $1.6565 from $1.6554 as was the dollar, buying 89.81 Japanese yen from 89.84 late Wednesday in New York.
Asia’s four-day stock market rally petered out Thursday as investors turned cautious.
The markets rose in early trading following Wall Street gains, and news that South Korea left its key interest rate at a record low, signaling that most Asian central banks are in no hurry to raise borrowing costs. Australia also reported an unexpected surge in the number of jobs last month.
Other central banks around the world have also signaled that interest rates will not rise anytime soon and they will remove other programs to support the economy only slowly.
But some investors started selling, thinking the recent rally had run its course now that China had reported positive industrial production and retail sales figures the previous day.
That could be good news for the dollar, which typically sees gains when equity markets take a dip.
“An important theme for the U.S. dollar in 2010 could be the removal of liquidity by many central banks,” Wells Fargo said in a research note.
Wells Fargo said as early and mid 2010 approaches, some major currencies could come under pressure, and the dollar could start to reverse its weaker trend from 2009.
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<img src=" http://www.joplinglobeonline.com/images/zope/thursday.gif" border=0> Euro up to $1.5000 in European morning trade
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