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The dollar continued to lose ground Thursday, with the euro now poised to break above the key $1.24 level and encouraging U.S. economic data no longer able to give the greenback much support.The euro advanced to a fresh 9-week high versus the dollar and a 15-week high against the yen as the dollar mostly declined against its major rivals in technically driven trading.
Current euro-zone interest rates are right for the region's economic development, a European Commission official said Thursday at a European Union-Southeast Asia economic conference in Kuala Lumpur.
Surprisingly calm investors pushed stocks modestly higher Thursday, helping Wall Street recover from steep early losses after the London terror attacks that killed at least 40 people and injured more than 700.
Stocks sank in Europe and the pound hit a 19-month low against the U.S. dollar after a series of explosions in London's transportation system, but analysts said market recoveries later in the day suggested the economic effects would be brief.
Federal Reserve chairman Alan Greenspan said it was hard to say why long-term interest rates were so low, but that even if they moved below short rates it need not signal a weakening economy.
European Central Bank President Jean-Claude Trichet said Tuesday that Europe's move toward a single market was on track despite recent no'' votes in France and the Netherlands on the EU constitution.