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Dollar hits high as Sterling slows

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by Brian Turner
Dollar hits high as Sterling slows

The US dollar hit a seven-month high in relation to the euro in early trading on Monday when it reached a level of $1.2582.

However, by mid-afternoon it had fallen to $1.2625, 0.1 percent off of Friday’s close.

The dollar’s strength had been being driven by last week’s good economic news out of the US, but a report issued Monday morning showed that net capital inflows into the US had dropped to their lowest levels since October 2003. This fueled worries about how the U.S. will fund its deficits.

Still, the dollar was up against the yen to ¥107.10 at mid-afternoon. It had been even higher, to ¥107.79, earlier in the day. The yen is still suffering from speculation about China’s possible revaluation of its currency.

Sterling, meanwhile, was down 0.8 percent in relation to the dollar to $1.8340 at mid-afternoon. Sterling also fell in relation to the euro, to fall 0.9 percent to £0.6880.

These retreats are at least partly due to a report that growth in prices for British homes is down to an annual rate of 4.9 percent, down from 7 percent to the lowest growth level since 2002.

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News posted: May 16, 2005

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