RTTNews - The euro was stuck in the mud versus the dollar and yen on Thursday as global stocks slumped, fueling speculation that the summer rally in equities has run out of steam.
With few traders expressing risk aversion and many away from their desks enjoying the final weeks of the summer, there was little to drive interest in the euro.
The single currency was stuck in a narrow range versus the dollar, holding near 1.4350. The dollar euro hit an 8-month high of 1.4446 earlier this month before leveling off.
Meanwhile, the euro slumped to a fresh weekly low of 132.91 versus the yen. Versus the struggling sterling, the euro continued to advance, hitting a June 4 high of .8818.
In economic news from around the globe, the Commerce Department released its second estimate of gross domestic product in the second quarter, showing that the pace of decline in economic activity was unrevised from the advance estimate.
The report showed that GDP decreased at an annual rate of 1.0 percent in the second quarter, unchanged from the 1.0 percent decrease originally reported in late July. Economists had been expecting GDP to be revised to show a decrease of 1.5 percent.
Germany's Federal Statistical Office said in a preliminary report that the consumer price index or CPI remained unchanged on an annual basis in August, compared with a 0.5% fall in the previous month. Economists were looking for a decline of 2%.
UK retail sales fell for the fourth month in a row in August, but retailers are no longer feeling so pessimistic about the outlook for their business situation in the coming months, the latest distributive trades survey by the Confederation of British Industry revealed Thursday.
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