Sterling stronger, US dollar mixed ahead of holiday

| April 13, 2006 | 0 Comments

The US dollar was up 0.1 percent to $1.2097 versus the euro on Thursday, but fell in relation to several other currencies. The mixed day for the greenback came despite retail sales data and the Michigan consumer sentiment survey both revealing figures higher than had been expected. The dollar remained flat at ¥118.4 against the Japanese yen.

Sterling was stronger on the day, adding 0.1 percent to $1.752.02 versus the greenback. It was also up 0.2 percent in relation to the euro and the yen, to £0.6903 and ¥207.69 respectively.

The Swiss franc was also stronger, its status as a safe haven bringing in buyers as Iran continues to cause concern with its announcement that it has begun uranium enrichment. The Swissie added 0.1 percent to $1.2986 versus the US dollar. It was up 0.2 percent in relation to the euro.

The New Zealand dollar capped its rise of 1.8 percent this week with a gain of 0.4 percent on Thursday to $0.6187 in relation to the US dollar. Stronger retail sales helped the kiwi’s advances this week. However, additional economic data indicated that New Zealand’s central bank might soon have to cut interest rates, which would not benefit the currency there.

The Chinese renminbi fell versus the US dollar, dropping 0.16 percent to Rmb8.0248. This was its largest one-day decline since the renminbi was revalued last July.

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