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Friday, November 28, 2008

Euro Gains on Dollar

Associated Press

The euro was higher against the dollar on Friday in quiet trading over the U.S. Thanksgiving holiday period.

The 15-nation euro traded at $1.2943 in European morning trading, up from $1.2900 in European afternoon trading Thursday. U.S. markets were closed Thursday for the Thanksgiving holiday.

The British pound slid to $1.5434 from $1.5489, while the dollar dipped to 95.29 Japanese yen from 95.31 yen.

Currency markets were quiet Thursday, with U.S. stock markets closed and a shortage of new economic data, and "there's little in the way of fundamentals that suggest today will be much different," said James Hughes, a currency analyst at CMC Markets.

However, "today also acts as something of a landmark for U.S. retailers with 'Black Friday', often considered the busiest retail shopping day of the year," Hughes said. Once sales figures start emerging in the coming days, that could give the dollar new direction, he said.

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