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U.S Dollar falls on speculation that consumer spending slowed

Posted by Finotec Group Inc. in August 29th 2008  
The dollar fell against the euro, on speculation a U.S. government report will show growth in consumer spending slowed. The greenback also weakened against the yen as oil prices climbed on signs a storm will disrupt oil production in the Gulf of Mexico, increasing costs for the world's largest energy consumer. Americans, faced with rising unemployment, the largest increase in prices in 17 years and falling home values, are cutting back on big-ticket items like automobiles and furniture. The Read More...

Filed under: Technical