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Dollar increases against the euro Dollar increases against the euro
(about 8 hours later)
The dollar has climbed back towards a six-month high against the euro, as continuing fears about the European economy hit the single currency. The dollar has climbed back to a six-month high against the euro, as continuing fears about the European economy hit the single currency.
Ahead of a key German survey of business sentiment due out later on Tuesday, the dollar strengthened to $1.4717 against the euro. With a key German business sentiment survey posting its worst reading in three years, the euro fell as low as $1.4571 in Tuesday trading.
Against the pound, the dollar was trading at $1.8468, just below a two-year high versus sterling. Data showing that the German economy contracted from April to June, also increased European recession fears.
The latest German survey may show more signs of a possible European recession. Meanwhile, the pound fell to $1.8331, its lowest point since July 2006.
Deteriorating outlookDeteriorating outlook
"The German [business confidence] number suggests that the risk of a full-blown recession in Germany is rising as the last time the number plunged to this level, Germany was in recession," said analyst Dustin Reid of ABN AMRO in Chicago.
The US currency has benefited as the economic outlook has darkened in both mainland Europe and the UK.The US currency has benefited as the economic outlook has darkened in both mainland Europe and the UK.
Investment guru Warren Buffett said last week that he had no bets against the dollar - underscoring the currency's strength. The fall in the euro and sterling could help European exporters whose goods will now be cheaper overseas.Investment guru Warren Buffett said last week that he had no bets against the dollar - underscoring the currency's strength. The fall in the euro and sterling could help European exporters whose goods will now be cheaper overseas.
But it will hurt holidaymakers who have benefited from a strong pound when travelling to countries which use the dollar.But it will hurt holidaymakers who have benefited from a strong pound when travelling to countries which use the dollar.
While the dollar resumed its rises on Tuesday, oil prices also gained. While the dollar resumed its rises on Tuesday, oil prices fell.
US light crude was up 24 cents to $115.35 a barrel, while London's Brent gained 46 cents to $114.49. US light crude was down 67 cents to $114.44, while London's Brent fell 64 cents to $113.39.