Euro falls against dollar

Euro falls against dollarEconomic fears have helped the US dollar to rise to a six-month high against the euro while sterling has also fallen against the greenback.

The dollar has strengthened to $1.4717 against the euro ahead of a German business confidence survey.

Data released last week showed the eurozone GDP shrunk over the past quarter, led by negative growth in Germany and France.

News that the UK economy has also ground to a halt prompted a rise in the dollar against the pound, to $1.8468.

The weak dollar and strong euro has encouraged British holidaymakers to venture elsewhere on their summer breaks, with travel firms such as Thomas Cook reporting a rise in trips to Egypt.

However, the number of US tourists to Britain this year has fallen as the exchange rate remains a barrier.

Oil prices rose slightly last night to $115.11 a barrel on the New York Mercantile Exchange after Tropical Storm Gustav formed in the Caribbean, raising fears supply could be disrupted.

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This article was posted on August 26, 2008 at 10:13 am.
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