Euro up against U.S. dollar - 1 March, 2007

Euro up against U.S. dollar

The euro was stronger against the U.S. dollar on Thursday as some markets in parts of the world appeared to shake off a slump earlier this week.

In morning trading, the 13-nation euro bought US$1.3233. That compared with the US$1.3216 it bought in New York late Wednesday, after Wall Street rebounded from a steep drop the previous day.

Two U.S. Commerce Department reports on Wednesday did little to help the dollar, however, showing a weaker-than-expected gross domestic product reading in the final quarter of 2006, and sales of new homes falling in January by the most in 13 years, reports AP.

The British pound edged up Thursday to US$1.9605 from US$1.9594. The dollar rose to 118.39 Japanese yen from 118.12 yen.