Currency exchange 'poor for dollar'

The currency exchange rate for the dollar has seen poor results recently.

Yesterday (July 29th), the currency exchange rate reached its lowest level in nearly three months.

According to the Associated Press (AP), the currency exchange performance has been affected by poor market data.

Unease about the momentum of the economic recovery and grim unemployment data were held accountable.

AP reported that currency strategists at Brown Brothers Harriman wrote in a note to investors: "Continued softness in US economic releases is taking precedent over a very good earning season and the US dollar remains vulnerable in the near-term and into the holiday season."

This morning the dollar was trading against the euro at �0.76 at 09:30 BST.

In contrast, the dollar proved relatively popular earlier in the year due to rising interest rate expectations.

Just a month ago the currency bought �0.82.

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Posted by Chris Barber