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Dollar's fall indicates downfall of the U.S. economy |
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News |
June 18, 2000
NEW YORK (AP) - The dollar slipped against other major currencies Friday as another economic indicator showed slowing in the U.S. economy.
In late New York trading, the euro was quoted at 96.49 cents, up from 95.35 cents late Thursday. The dollar also was quoted at 106.31 Japanese yen, down from 106.59 yen.
Traders sold off dollars following the latest indications of a slowdown in the American economy.
The Commerce Department reported Friday that Housing construction last month dipped to its lowest level in almost a year. It was the latest report suggesting that the Federal Reserve may not continue raising interest rates to slow the economy. The higher rates would also make dollar investments more attractive to investors.
The dollar also was quoted at 1.6159 Swiss francs, down from 1.6370, and 1.4671 Canadian dollars, down from 1.4750. The British pound rose to dlrs 1.5149 from dlrs 1.5136.
Currencies of the 11 countries participating in the euro are no longer traded separately and are tied to the euro by a fixed rate.
Based on Friday's euro rate, the dollar was worth: 2.0254 German marks, down from 2.0512; 6.7929 French francs, down from 6.8795; and 2,005.15 Italian lire, down from 2,030.70.
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