Dollar down against euro, British pound on U.S. economic data, Trichet
NEW YORK (AP) - The dollar fell back Friday, dropping to a one-month low against the U.K. pound and ceding ground versus the euro following weaker-than-expected U.S. economic data. The dollar's main declines came during New York trading and were helped by comments from a hawkish comment by European Central Bank President Jean-Claude Trichet. However, traders said the dollar managed to hold within its recent ranges against most major currencies and that the market continues to lack clear direction. Indeed, the dollar was little changed versus the yen Friday and closed the week not far from its levels of seven days earlier versus the euro. With bond markets closing early and U.S. markets shut Monday for Martin Luther King Jr. Day, volumes were lighter during the New York session, which seemed to exacerbate choppy trading, said analysts.
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