Euro-dollar rate is stable in thin trading

LONDON (AFP) — The dollar was stable against the euro here Friday, with the single currency hurt by a weak reading on German industrial orders.

The European currency in late day trade was at 1.57 dollars against 1.5694 late Thursday.

The dollar was likewise unchanged against the yen at 106.63 after 106.75 on Thursday.

Trading was thin in the absence of activity in the United States, where markets were closed for the Independence Day holiday.

The euro trailed the dollar for the most of the day, still feeling the effects of comments Thursday from the head of the European Central Bank suggesting there would be no further eurozone interest rate hikes in the near future.

The bank on Thursday raised its benchmark rate a quarter of a point to 4.25 percent in a bid to curb record eurozone inflation. But ECB president Jean-Claude Trichet later signalled ...