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May 24, 2005    

Dollar fractional as forint falls on cuts

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by Brian Turner
Dollar fractional as forint falls on cuts

The US dollar was down in relation to the euro and the yen and up against sterling on Tuesday, but its movement was fractional at best against the three currencies.

The dollar stood at $1.2582 in relation to the euro at mid-day in New York, was trading at ¥against the yen, and sat at $1.8274 as opposed to sterling.

Despite bad economic news, in which growth forecasts for this year and next for both Germany and the eurozone in general were cut again by the Organization for Economic Cooperation, the euro also rose 0.25 percent in relation to sterling to sit at £0.2582.

Meanwhile, in Eastern Europe, the Hungarian forint fell in relation to the euro, losing 1.2 percent to sit at Ft254.74, an 11-month low. This drop came after the Hungarian central bank cut interest rates to 7.25 percent. It was the fifth time interest rates have been cut in Hungary this year. The bank also lowered its inflation and growth forecasts.

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