Euro, Pound Lower Against US Dollar

© 2007 The Associated Press

FRANKFURT, Germany — The euro and the pound both drifted lower against the U.S. dollar Tuesday after new data showed that the U.S. trade deficit fell to its lowest point in two years.
In morning European trading, the euro bought US$1.4395, down slightly from US$1.4398 on Monday in New York. The British pound drifted lower to US$2.0201 from US$2.0213, while the dollar edged higher to 113.09 Japanese yen from 113.02 yen.
The euro was lower after the U.S. Commerce Department reported Monday that the current account trade deficit fell by 5.5 percent to US$178.5 billion in the July-September quarter. That was a better-than-expected showing and the smallest current account imbalance since a US$173.4 billion deficit in the third quarter of 2005.