At least it helps France pay less for oil
Dollar at lowest in 2 months
By Associated Press | March 9, 2005
BERLIN -- The US dollar dropped to a two-month low yesterday against the euro, which rose above $1.33 as markets looked ahead to US trade data later in the week.
The euro bought $1.3342 in late New York trading, up from $1.3200 late Monday and the highest level since early January.
The dollar also fell to 104.71 Japanese yen from 105.17 yen late Monday; to 1.1611 Swiss francs from 1.1760; and to 1.2132 Canadian dollars from 1.2291. The British pound rose to $1.9281 from $1.9133.
The dollar had bounced back Monday after dropping at the end of last week to $1.3232 on data that showed the US jobless rate up in February.
Since Friday's payrolls report ''was not that great, there is not a lot of support left over now for the dollar," Peter Frank, senior foreign exchange strategist at ABN Amro in Chicago, told Dow Jones News-wires.
''The dollar needs a lot of very good news from the cyclical side to offset the trade deficit," he said.
''That's certainly waned recently."