Currencies
After three firm days, the dollar fell against the euro on Thursday as a bigger than expected slide in U.S. consumer confidence sparked concern economic growth may be slowing more in the United States than in Europe. Thursday's figures, which also covered retail sales and wholesale prices, hurt the dollar in part by bolstering a perception the Federal Reserve will cut interest rates faster than the European Central Bank. That means that dollar deposits may become less attractive than those in euros. Some traders are betting that euro rallies will fail, given lingering concern about the region's growth and the ECB's inflexibility on interest rates.

The yen fell Friday in Asian trading after the Japanese government downgraded its appraisal of the economy for a third straight month. The yen weakened to 124.33 per dollar following a government report saying the economy is weakening - the first time since September 1995 that the monthly report used the word "weakening'' to describe the economy. Sentiment toward the yen hasn't improved given the Japanese government's dim economic assessment and suspicion that recent gains in the currency may not be justified.

Since the Bank of Japan's Monetary Policy group last met, several economic reports have pointed to more trouble in Japan's economy. Business confidence, according to the Bank's March Tankan survey, fell for the first time in more than two years. Investors and traders continue to wait to see who will be chosen as Japan's next prime minister on April 24 to replace Yoshiro Mori.

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