Dollar Up Against Euro

Dollar up against euro, pound on weak German data, British rates anticipation

The U.S. dollar regained a little ground against the euro on Thursday after weak economic news from Germany, and rose against the pound ahead of a British interest rates decision.

In morning European trading the 16-nation euro bought $1.3585, a little below the $1.3658 it bought Wednesday night in New York. The pound slipped to $1.5058 from $1.5107.

The dollar had lost ground Wednesday after U.S. companies gave bleak profit outlooks.

On Thursday, however, an official estimate showed that exports from Germany -- Europe's largest economy -- declined by more than 10 percent in November compared with the previous month. It also showed Germany's foreign trade surplus running at euro9.7 billion in November, compared with euro19.4 billion a year earlier.

Meanwhile, markets were looking ahead to the Bank of England's meeting later in the day, and widely expected another interest rate cut from the current level of 2 percent.

Lower rates can help jump start an economy, but weigh on a currency as investors seek higher returns elsewhere.

Traders also expect that the European Central Bank, which meets Jan. 15, will likely continue cutting interest rates for the euro zone from its current 2.5 percent.

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