US dollar on nine month high
by Brian Turner
The US dollar gained 0.7 percent to $1.2023 in relation to the euro by mid-day on Tuesday in New York. This was another new 9-month high.
Meanwhile, the euro fell 0.6 percent to £0.662 against sterling and fell 0.75 percent to ¥131.65 in relation to the yen.
The euro rose initially based on US economic data such as declining retail sales figures for May and slightly lower producer price inflation figures, but then fell later in the day.
A number of analysts, however, think that the euro is about finished falling in relation to the dollar and will begin to rise again once US interest rates rise and end the dollar’s rally, probably in about three months.
In other currencies, sterling stayed steady at $1.8048 in relation to the dollar and at ¥197.57 against the yen, maintaining these levels despite the Bank of England’s governor’s warning on the risks of inflation. The Slovak koruna gained 0.6 percent to SK38.405 in relation to the euro, a three-month high.
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