The New Nation - Internet Edition

AFP, New York

The dollar weakened against the euro and the British pound on Saturday in the wake of fresh economic news including a report that showed a surprise drop in US industrial production last month.

US industrial output fell 0.5 percent in October, marking the biggest decline in production since January. Traders said the report weighed on the dollar as it raised concerns about US economic growth. The euro, which has risen strongly against the dollar this year, climbed to 1.4659 dollars compared with 1.4609 dollars late Thursday. On Wednesday, the euro spiked above 1.47 dollars, flirting with its record high of 1.4752 dollars struck on November 9.

The pound rose to 2.0546 dollars compared with 2.0448 late Thursday.