The dollar was mostly weaker versus other currencies Friday in New York, giving back gains from the previous session amid ongoing concerns about the heath of the US economy. Federal Reserve Governor Randall Kroszner gave some insight into the decision making process he is using to navigate the increasingly dangerous financial waters. Economic growth will slow, he warned, in large part due to the lagging housing market. However, recent weakness did not convince Kroszner that the current Fed policy should be changed. The dollar lost a bit of ground versus the euro on Friday, staying near a record low from a week ago. The dollar closed near 1.4650, down slightly from Thursday's closing level around 1.4625. The pair saw choppy trading for most of the morning, with most of the dollar's losses coming in mid-day action. The greenback was little changed after showing a lack of direction versus the yen on Friday. The dollar slipped slightly below 110 in early trading, but firmed up in the afternoon to close near 110.75. The dollar began the week at a year and a half low of 109.11. The buck eased slightly to the sterling on Friday, but not before hitting a fresh 3-month high in early dealing. The dollar jumped to 2.0352 by 6 am ET, but fell sharply from there to close at 2.0520. The dollar ran into heavy headwinds on its way back to par with its Canadian counterpart on Friday, sagging to 97 cents after hitting a 5-week high near 99 cents on Thursday. Still the, dollar made up substantial ground on the week, improving from is record low near the 90 cent mark. The dollar edged closer to a multi-decade low versus the Swiss franc in Friday, drifting to the downside over the course of the day after seeing little movement overnight. The dollar extended its 12-year low during the session, falling to 1.1158 by mid-afternoon.
November 16, 2007 4:09 PM