Source Pravda.Ru

Euro loses more ground against U.S. dollar, but yen gains

The euro lost a little more ground Friday against the dollar, which built on gains made as positive U.S. economic data helped calm jitters on Wall Street. However, the dollar slid against the Japanese yen.

The 13-nation euro bought US$1.3168 in afternoon European trading, down from US$1.3198 in New York late Thursday.

The British pound dropped to US$1.9429 from US$1.9605.

In what has been a wild week for stock markets, the Dow Jones industrials on Thursday erased much of an initial drop after an upbeat assessment of manufacturing activity eased some fears about a flagging U.S. economy.

Earlier this week, big losses in China triggered a sell-off in global markets. On Friday, the Shanghai Composite Index closed up 1.2 percent as investors snapped up bargain blue chips, reports AP.

The dollar edged up against the yen early Friday, but then slid. In afternoon European trading, it was down to 116.85 yen from Thursday's level of 117.58 yen.

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