Dollar rises against major currencies

The dollar rose against major currencies on Thursday amid weak GDP data of the euro zone and positive comments from a major investment bank.
Gross domestic product shrank by 0.2 percent in the second quarter, according to a report released by the statistics office of the European Union on Thursday. It was the first ever contraction in the euro zone, raising fears that the 15-countries economy may fall into a recession.
Goldman Sachs, one of the largest investment banks in U.S., said on Thursday that it was abandoning its ten-year bearish stance on the dollar.
The long-term downtrend of the greenback has ended and its under valuation could lead to a substantial improvement in the U.S. balance of payments position, said the bank in a research note.
The dollar was also boosted as crude oil prices fell amid re-emerging demand concerns. Light sweet crude for September delivery lost 99 cents to close down at 115.01 dollars per barrel on the New York Mercantile Exchange.
The euro bought 1.4813 dollars in late New York trading compared with 1.4934 dollars it bought late Wednesday. The British pound fell to 1.8681 dollars from 1.8730 dollars.
The dollar rose to 1.0942 Swiss francs from 1.0854 Swiss francs, and rose to 109.77 Japanese yen from 109.54 Japanese yen. It rose to 1.0632 Canadian dollars from 1.0626 Canadian dollars.
Source:Xinhua