![\"Euro](\"\/eurotowerofthewinds.gif\" "\\"Euro")
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The photo above is of an ancient carving of Euro who is\u00a0supposed to be the\u00a0southeast wind.\u00a0 I\u00a0(COGwriter<\/a>) took this picture in Athens (Greece).\u00a0 (A picture of the tower is available at <\/em>https:\/\/www.cogwriter.com\/299.htm<\/a>)\u00a0<\/strong><\/span><\/p>\n Forex – Dollar flounders after spell of weak US data<\/strong><\/span> LONDON (Thomson Financial) – The dollar floundered after a spell of weak US data underlined the bleak outlook for the world’s biggest economy.<\/p>\n Coming on the back of a rise in the number of Americans out of work, the crucial US services sector was pronounced to be cooling, fuelling fears that the economy may be slowing more rapidly than expected.<\/p>\n The Institute for Supply Management said its service sector business index fell to 55.8 in July from 60.7 in June. It was also well below predictions of a more modest drop to 59.0.<\/p>\n ‘The weaker than expected ISM report fed into dollar selling following the non-farm payrolls disappointment earlier,’ said Michael Woolfolk at Bank of New York.<\/strong>..<\/p>\n ‘Dollar strength earlier this week was largely attributable to safe-haven flight to safety and repatriation of foreign holdings by US investors. The market’s growing sensitivity to economic information suggests safe haven flows into the US may be subsiding,’ said Woolfolk.<\/p>\n He believes the euro will test highs around 1.3850 usd next week.<\/p>\n Elsewhere, the euro stayed well bid after the final services sector purchasing managers’ index for the region remained unchanged from June at 58.3 in July, an upward revision from the provisional estimate of 58.1 and above market expectations for no change from that estimate.<\/p>\n This is likely to boost already-firm expectations that euro zone interest rates will rise to 4.25 pct in September.<\/p>\n
\n08.03.07, 1:19 PM ET<\/span><\/p>\n