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Dollar hits seven-week low against euro on weak data

Dollar hits seven-week low against euro on weak data

Posted by Liliana Castaño on February 18, 2014

The dollar on Tuesday fell against the euro to its lowest in seven weeks after a gauge of manufacturing in New York state slowed in February, stoking uncertainty about the direction of the Federal Reserve's monetary policy.

The New York Fed's "Empire State" general business conditions index fell to 4.48 in February from 12.51 in January. Economists polled by Reuters had expected a reading of 9.0.

"The data have been pointing to a loss of momentum in the economy and have raised doubts about the trajectory of Fed tapering," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

Janet Yellen, in her first public comments as Fed chief on February 11, emphasized continuity in the U.S. central bank's policy strategy of cutting asset purchases by $10 billion a month, but some suspect the Fed could slow the pace of its reduction in stimulus following weak U.S. economic data.

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