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US Dollar Weakens Amid Gloomy Economic Data

The Australian dollar rose to $0.7105 from $0.7094.

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US Dollar
The dollar index, which measures the greenback against six major peers, fell 0.15 per cent at 96.9817 in late trading. Pixabay

The US dollar declined as the allure of the greenback diminished amid a slew of downbeat economic data.

In late New York trading on Thursday, the euro rose to $1.1299 from $1.1269 in the previous session, and the British pound decreased to $1.2801 from $1.2850 in the previous session, Xinhua news agency reported.

The Australian dollar rose to $0.7105 from $0.7094.

The US dollar bought 110.47 Japanese yen, lower than 110.99 Japanese yen of the previous session. The US dollar was down to 1.0047 Swiss franc from 1.0088 Swiss franc, and it increased to 1.3281 Canadian dollars from 1.3250 Canadian dollars.

US Dollar
The Australian dollar rose to $0.7105 from $0.7094. Pixabay

US retail sales in December fell 1.2 per cent from the prior month, the worst drop in nine years, the Commerce Department reported on Thursday.

The unexpected decline, which came after a downwardly revised 0.1 per cent increase in November, signals a weaker economic momentum.

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The dollar index, which measures the greenback against six major peers, fell 0.15 per cent at 96.9817 in late trading. (IANS)

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Local News Dry up for Facebook Media Project in US

In January this year, the Facebook Journalism Project announced to invest $300 million in local newsrooms

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A photo shows the Facebook app icon on an iPhone in New York, Feb. 19, 2014. VOA

Facebook is having trouble finding enough local news to feed its new journalism initiative, because hundreds of newspapers have shut down in the US.

“About one in three users in the US live in places where we cannot find enough local news on Facebook to launch ‘Today In’,” Facebook wrote in a blog post on Monday.

In those “news deserts” – communities with little or no local reporting – Facebook hasn’t been able to find “five or more recent news articles directly related to these towns” for its news feature “Today In” that was launched in November last year.

“In the last 28 days, there has not been a single day where we’ve been able to find five or more recent news articles directly related to these towns.

“This does not vary much by region: 35 per cent of users in the Midwest, Northeast, and South — and 26 per cent in the West a” live in places where we can’t find much local newson Facebook,” said the social networking company.

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This photo shows a Facebook app icon on a smartphone in New York. VOA

“Today In” has been rolled out to over 400 cities in the US.

“We’re also announcing a new pilot programme, the Facebook Journalism Project Community Network, to support projects aimed at building community through local news,” said Facebook.

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According to Engadget, nearly 1,800 papers have shut down in the US since around the time Facebook came online 15 years ago.

In January this year, the Facebook Journalism Project announced to invest $300 million in local newsrooms. (IANS)