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Tuesday 02nd of December 2008
June 12, 2006

US dollar up for sixth straight session


by Elaine Frei

The US dollar strengthened again on Monday, making its sixth straight rise in a row as more and more analysts came around to the position that the Federal Reserve will likely raise interest rates again when it meets later in the month. If the rate hike does come, it will be the 17th time in a row that the Fed has sent interest rates higher.

The greenback added 0.3 percent versus the euro to $1.2586, while it gained 0.2 percent on the Swiss franc to SFr1.2336 and rose 0.1 percent to ¥114.23 in relation to the Japanese yen.

Meanwhile, the euro also weakened slightly against the yen and the Swiss franc, to ¥143.86 and SFr1.5532 respectively. The shared currency also dropped 0.2 percent versus sterling, to £0.6825. The declines came as data shoed net-long positions on the euro are up to record high levels and as a meeting over the weekend of the G8 finance ministers closed their meeting without calling for weakening of the US dollar.

Sterling was helped by a rise in factory gate inflation that was 0.3 percent in May, which sent the annual rate to 3 percent. The UK currency was up by 0.2 percent in relation to the US dollar, to $1.8435.

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