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Dollar mixed on Germany, France proposal, economic data

08-17-2011 10:27 BJT

NEW YORK, Aug. 16 (Xinhua) -- The U.S. dollar traded mixed against major currencies in late New York trading on Tuesday as the euro was lifted by comments from leaders of France and Germany. Weak housing starts also weighed on the dollar.

In a meeting which intended to discuss how to strengthen the cooperation of financial and economic policies in eurozone, French President Nicolas Sarkozy and German Chancellor Angela Merkel agreed to align their corporate tax rates, create a common economic council and enhance deficit-limit rules in each country.

They also hinted that they don't favor issuance of bonds backed by the eurozone, as some investors have hoped for. Their comments helped lift the euro as the shared currency surged to 1. 44 against the dollar in mid-day trading.

However, data showed that Germany's GDP only rose by 0.1 percent in the second quarter, sharply lower than the 1.3 percent growth posted in the first quarter. The disappointing data raised concerns about the economic prospect of the largest economy in eurozone.

Meanwhile, the U.S. Commerce Department said housing starts fell 1.5 percent to a seasonally adjusted annual rate of 604,000 in July, down from a downwardly revised 613,000 rate in June. The sluggish conditions of housing markets continued to weigh on the dollar.

In late Tuesday trading, the dollar bought 76.78 yen, unchanged from late Monday, and the euro fell to 1.4397 dollars from 1.4451.

The British pound rose to 1.6457 dollars from 1.6389. The dollar rose from 0.7843 Swiss francs to 0.7938, and also rose to 0. 9830 Canadian dollars from 0.9811.

Editor:Wang Xiaomei |Source: Xinhua

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