Euro Up Against The Dollar at $1.4057

Euro up against the dollar at $1.4057 on strong German consumer news


The euro recovered some ground against the dollar Monday after a German survey showed consumer confidence is stabilizing in the European Union's largest economy.
The 15-nation currency bought $1.4057, up from the $1.3887 it had plummeted to late Friday in New York. That followed a volatile week that saw the euro reach its highest point against the dollar since September at $1.4719 early Thursday morning.

A survey by the GfK research group said its forward-looking consumer climate index for Jan. 2009 stood at 2.1 points -- flat against a revised 2.1 points in December and an indication that lower inflation is offsetting Germans' fear of unemployment despite the nation's descent into recession. Falls in consumer prices and energy costs helped preserve a willingness to buy, the survey showed.
The British pound edged up to $1.4882 from $1.4859 late Friday while the dollar fell to 84.67 Japanese yen from 89.45 on Friday.

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Industrial Out Put Fell in November

Industrial output fell slightly less than expected in November as manufacturers continued to suffer from weakness in autos and many other areas that is not expected to ease anytime soon.

The Federal Reserve reported Monday that industrial activity dropped by 0.6 percent in November. Economists expected a decline of 0.8 percent.

The manufacturing sector is suffering like the rest of the economy from the deepening recession, which has cut consumer demand for many products.

"Manufacturing production tanked in November and the data were even worse than they look," said Joel Naroff, chief economist at Naroff Economic Advisors. "The only industry that posted a gain was aircraft and that was only because Boeing started back up after the strike."

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Wyoming and Montana Ski resorts

Wyoming and Montana ski resorts are rolling out deals to counter hard economic times that are cutting into their advance bookings.

Skiers heading to the three ski resorts in the Jackson Hole region of northwest Wyoming can get a free airline ticket with the purchase of three airfares.

The Whitefish Mountain Resort in northwest Montana is offering rental condos for half price through January.

Incentives are being offered at other resorts as well.

"I think what makes this year different is, of course, the economy, and the concern that people are really going to cut back on travel spending and so the packages this year are much more aggressive," Tim O'Donoghue, executive director of the Jackson Hole Chamber of Commerce.

Nationwide, early sales and reservations figures for some destination ski resorts suggests the economy is putting a crimp on the $6 billion ski industry.

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