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May 24, 2008
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Saturday
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Jamadi-ul-Awwal 18, 1429
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Dollar slides
LONDON, May 23: The dollar fell against the euro on Friday on US housing data showing a record number of unsold homes in the United States and falling real estate prices.
The single European currency also managed to overcome the effects of a reported weakening in the eurozone industry and services sectors and was higher at $1.5784 in late trade against $1.5728 late Thursday in New York.
The dollar was meanwhile at 103.20 yen, down from 104.04 on Thursday.
The dollar encountered selling pressure on news that while sales of existing US homes were slightly better than expected in April, there was still a record number of unsold homes on the market as prices fell further.
On the London Bullion Market, the price of gold rose to $927.50 per ounce at the fixing from $922.75 late on Thursday.—AFP
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