February 16, 2008	Saturday	Safar 08, 1429

LONDON, Feb 15: The dollar suffered losses against the euro on Friday on heightened fears the US economy was heading toward recession.

The single European currency in late trade was at $1.4679 after $1.4637 late Thursday in New York.

The dollar was at 107.62 yen, down from 107.85 on Thursday.

Dollar sentiment was dampened by the Reuters/University of Michigan consumer confidence index, which fell to 69.6 in early February, a 16-year-low, from a reading of 78.4 in January.

“With house prices plummeting, employment falling, stock markets in turmoil and gasoline prices still above $3 a gallon, it is little wonder that consumers are unhappy,” said Paul Ashworth, US economist at Capital Economics.

“But the extent of the decline this month suggests that a degree of panic has now set in this is bad, very bad,” he added.

In Europe on Friday, the euro changed hands at $1.4679 against $1.4637 late on Thursday, at 157.94 yen (157.88), 0.7484 pounds (0.7435) and 1.6014 Swiss francs (1.6073).

The dollar stood at 107.62 yen (107.85) and 1.0909 Swiss francs (1.0979). The pound was at $1.9613 (1.9682).

On the London Bullion Market, the price of gold rose to $912.50 an ounce from $906 late on Thursday.—AFP