Euro lower versus greenback

The US dollar gained on the euro after German business confidence was down more than expected in August and US consumer confidence saw gains.

The euro was also hurt by the assumption that the European Central Bank will cut interest rates next year and by gains in oil prices.

In late morning trade in New York, the dollar traded at $1.4676 to the euro, while the greenback was also up versus the yen to trade at ¥109.7350 and the euro declined versus the Japanese currency, to ¥161.0470.

The pound was hurt by a British Bankers’ Association report showing that loans granted for home purchases were down by 65 percent in July from the same period last year, even though there were slightly more home loans granted in July than in June.

It took $1.8403 to buy a pound at late morning in New York.

The Australian and New Zealand dollars declined in relation to the yen as investors sold higher-yielding currencies on continuing worries about credit-market losses, while both currencies were also lower versus the greenback.

It cost 85.75 cents US to buy an Australian dollar and the Aussie was worth ¥94.1032 while the New Zealand dollar was worth 69.74 cents US and ¥76.536.

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