U.S. dollar falls to eight week low versus euro

NEW YORK (MarketWatch) — The U.S. dollar lost ground Wednesday, helping the euro touch its highest level in two months, as investors became more comfortable with Europe’s debt situation and looked forward to economic data from China.

China is expected to release gross-domestic-product data Thursday, analysts said. Also, a news report from Hong Kong-based Phoenix Television said Chinese consumer prices rose at a 4.6% annual rate in December, cooling from a 5.1% pace in November.

Despite a seeming lack of other contributing factors, “the pro-risk mood is in full force and key technical breaks are happening across the board,” said Kit Juckes, head of forex strategy at Societe Generale.

“All concerns regarding EMU [Europe’s Economic and Monetary Union], inflation in emerging markets and particularly China are forgotten,” while the heightened sentiment toward risk threatens to overwhelm the bullish trading seen recently in the dollar, he said.

Chinese President Hu Jintao recently questioned the dollar’s reserve currency role in an interview before his official visit to the U.S. Hu, among other things, is scheduled to hold a joint news conference with U.S. President Barack Obama. Read more on Chinese President Hu’s visit to Washington.

Also Wednesday, data showed that December housing starts slowed more than expected, but permits jumped more than forecast. Read more on U.S. housing starts.

“Mixed U.S. housing-market data and a stronger [Chinese yuan] during the Sino-U.S. talks will probably allow for a slightly weaker U.S. dollar, as long as investors maintain their calm regarding euro-zone debt woes,” wrote strategists at UniCredit Bank in Milan.

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