USD weakens versus euro

The US dollar was weaker in relation to the euro in late morning trade in New York on Wednesday on increased sentiment that the Federal Reserve will cut interest rates again in April.

The dollar traded at $1.5810 to the euro in New York.

The pound was down against the euro on a consumer report issued by the Nationwide Building Society which said that consumer confidence in the UK is at its lowest in almost four years.

At just past 11:30 a.m. in New York the pound traded at 80.05p to the euro, at 50.63p to the US dollar, and at 50.54p in relation to the Swiss franc, while it took ¥201.0795 to buy a pound.

The yen strengthened on a decline in risky carry trades as concerns increased again about troubled credit markets, with the yen trading at ¥101.8150 to the greenback while it was at ¥13.004 to the South African rand and at ¥81.226 to the New Zealand dollar.

The rand was hurt by speculation that South Africa’s reserve bank will hike interest rates on Thursday in response to rising inflation.

It took R7.8385 to buy a US dollar in late morning trade in New York.

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