Euro losing it’s position against dollar

Euro losing it’s position against dollar

The euro bought US$1.2597, down from US$1.2635 in New York on Friday. The British pound also dipped to US$1.8445 from US$1.8503 at the end of last week. The dollar also strengthened against the Japanese currency, buying 115.56 yen, up from 115.09.

The U.S. Commerce Department reported Friday that America's current account trade deficit fell to US$208.7 billion ( Ђ 165 billion) in the January-March quarter, down 6.5 percent from a record US$223.1 billion ( Ђ 176.3 billion) deficit set in the final three months of of 2005, according to the AP.