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Local Time: 8/9/2010 3:45:55 AM
GMT Time:
Wed, 8 Sep 2010 01:45:55
Dollar weakens as risk appetite rises (7/27/2010)
The US dollar weakened against the euro and most other key currencies Monday as stronger-than-expected US home sales data and company earnings boosted risk appetite among investors.
The euro surged past the psychological 1.3000 dollar level before stabilizing at 1.2990 dollars in New York around 2100 GMT, compared to 1.2906 dollars on Friday.
The dollar also dropped against the Japanese currency, at 86.86 yen from 87.36 on Friday.
Investors favored the euro -- regarded as a riskier currency than the usually safe-haven greenback -- after government data showed a strong rebound in new US home sales in June.
The Commerce Department said sales increased 23.6 percent to 330,000 units from a revised May rate of 267,000, a record low.
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