Euro higher against dollar
Associated Press
2009-06-04 03:42 PM
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The euro was higher against the dollar Thursday ahead of an interest rate decision by the European Central Bank, which was expected to keep them steady.
The 16-nation euro bought $1.4209 in European morning trading, up from the $1.4134 it bought late Wednesday in New York. The British pound rose to $1.6315 from $1.6276.
The ECB was expected to leave interest rates on hold at a historic low of 1 percent and to say more about a policy of boosting the economy with cash injections. It was also expected to lower its economic forecasts to reflect a deeper recession.
The Bank of England was likewise due to announce the result of its monetary policy meeting, although analysts expect no change to its key interest rate, which stands at 0.5 percent.
Dollar investors were discouraged by recent U.S. data on unemployment and the services industry, while Federal Reserve Chairman Ben Bernanke warned that record-high budget deficits could endanger the economy's long-term health.
Against the Japanese yen, the dollar rose to 96.30 Japanese yen from 95.85 yen.
