Stronger dollar challenges euro

| May 13, 2005 | 0 Comments
Stronger dollar challenges euro

The US dollar had another strong day Friday as it rose against not only the euro, but against the Swiss franc, sterling, and the yen as well.

It reached a three-month high against the Swiss franc as it rose 0.8 centimes to Sfr 1.2232. It also reached a three-month high against sterling, where it rose 0.8 cents to $1.8552.

The dollar also rose in relation to the yen, which was suffering from an announcement from Beijing that it was impossible that the renminbi would be revalued on May 18, as many analysts have expected. The dollar rose ¥0.3 in relation to the yen, to ¥107.11.

But it was against the euro that the dollar set a six-month high, beating a previous high set only Thursday.

The dollar rose 0.4 cents more, to $1.2634, against the euro Friday.

But the euro did better against sterling and the Swiss franc than it did in relation to the dollar, as it rose 0.3 centimes to Sfr 1.5455 in relation to the Swiss franc.

The euro was also up in relation to sterling, up 0.1p to £0.6807.

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