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The US dollar showed signs of recovery on Friday as positive economic from the data helped boost the embattled currency.
The United States currency rose to over 119 yen in early trading in New York but had fallen back to 118.805 by the afternoon.
The euro fell to a three-week low overnight, down to $1.3634 and stood little changed at $1.365 on Friday afternoon.
Meanwhile, the British pound was trading at $2.0276.
The dollar’s gains came as the US Commerce Department announced gross domestic product was up 3.4 percent annual rate during the three months from April to June, slightly above the 3.3 percent rise expected.
These latest figures have been aided by increased exports and a slightly more positive outlook on the housing industry, according to the United States Commerce Department.
US President George Bush moved quickly to sing the praises of US economic policy, on the back of the results. He emphasized figures that showed good job growth.
Meanwhile, the US dollar clawed back some of its recent losses against the Canadian dollar, reaching a four-week high of CS$1.0614. This offset predictions that the two currencies might reach parity in the near future after the US dollar recently hit 30-year lows against its Canadian counterpart.
In London, the FTSE 100 index continued to slide on Friday, closing down 36 points at 6215.2, having shed more than 200 points on Thursday when London’s leading companies were hit for more than £48 billion.
London’s blue-chip elite were hit again on Friday, but to a far lesser extent.
09:57
Posted on Jul-28-2007
