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Dollar May Fall on Concern Oil Prices Will Slow U.S. Economy
The dollar may fall for a second day against the euro in Asia after oil prices rose to a record, raising concern the U.S. economy may slow. Oil costs have been negative for the economy, and an increase in first-time jobless claims last week may mean job growth will be less than forecast, Robert McTeer, president of the Federal Reserve Bank of Dallas, said yesterday. U.S. service businesses expanded at the slowest pace in 16 months, while an index of consumer confidence fell, reports yesterday showed. ``Soft U.S. data is pressuring the dollar versus the euro,'' said David Mozina, currency strategist in Sydney at ABN Amro Holding NV. ``With oil over $51 a barrel it has a taxing effect on the economy. Dollar weakness is coming back.'' --------Snipped-----
Posted by: Mark Espinola 2004-10-06 |
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| http://www.rantburg.com/poparticle.php?ID=45215 |