Dollar Gains Slightly Against the Euro

European markets saw the US dollar edge higher against the euro, yen and British pound today as traders looked for clues as to whether the US economy would avoid a recession, reports the Associated Press. Today’s report on January sales of existing homes will likely cast some light on whether the subprime virus will continue to drag the economy down.

In European trading:

• The euro bought $1.4808 dollars, down from Friday’s New York close at $1.4825.
• The dollar bought 107.43 Japanese yen, up from 106.93 yen.
• The British pound fell to US$1.9626 from US$1.9687.

“Traders will continue to look for suggestions as to whether the US economy can still avoid recession," said an analyst. (More euro stories.)