Declining business investment hurts euro

The euro was weaker Wednesday on new numbers showing that business investment in Europe was down 1.2 percent and that retail sales dropped 0.4 percent in July on household spending that was 0.2 percent lower.

In late morning trade in New York, the greenback traded at $1.4452 to the euro while the shared currency was worth ¥156.7590 and it took ¥108.4650 to buy a dollar.

Meanwhile, the US dollar benefited from gains in factory orders, which the Commerce Department reported were up 1.3 percent in July, led by a 28.1 percent jump in orders for commercial aircraft.

The pound weakened on new data from Nationwide Building Society showing that consumer confidence remained at a four-year low in the UK in August and after the Chartered Institute of Purchasing and Supply showed that the service sector remained in contraction in August.

At shortly before Noon in New York, the pound traded at 81.42p to the euro while it took $1.7749 to buy a pound.

The South African rand saw declines on falling commodities prices, with the rand trading at R7.8885 to the US dollar and at R11.402 to the euro.

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