Euro dips against dollar

The euro dipped by 0.41 cents (0.29%) against the US dollar yesterday to finish the day at $1.3939.

• In early trading on Friday the euro strengthened against the dollar, as more upbeat US data and gains in European equities boosted hopes that a global economic recovery was on course.
  
• The euro’s gains were limited, however, as investors were wary of taking on large positions ahead of the US Fed’s policy meeting later this week and issuance of another record batch of US government debt.
  
• In trading so far today the single currency has weakened sharply against the dollar, after news over the weekend that President of the European Central Bank, Jean-Claude Trichet, had no intention of extending the ‘completely extraordinary’ stimulus packages already unveiled by the bank.