Dollar climbs after tough start to 2008
AFP, January, 2008
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LONDON (AFP) — The dollar staged a modest rebound on Monday after a recent hammering that was sparked by growing fears of a recession in the United States, dealers said.
In late morning European trade, the euro fell to 1.4748 dollars from 1.4765 dollars in New York late on Friday.
The dollar climbed to 109.69 yen from 108.63 yen late Friday.
On Monday, the greenback showed signs of stabilising after stumbling on Friday as a gloomy snapshot of the US labour market raised concerns that the fallout from the subprime mortgage crisis was widening.
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In the commodity markets, gold stood Monday at 859.85 dollars per ounce after striking a record high 868.89 dollars last Thursday. The precious metal benefits from a weak US unit as it makes the dollar-denominated commodity cheaper for buyers using stronger currencies.
Crude prices, meanwhile, have fallen on profit-taking ...
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