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May 19, 2005    

Dollar rallies as euro slows

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by Brian Turner
Dollar rallies as euro slows

A number of factors allowed the US dollar to return to its rally Thursday after two days of very little movement.

The fact that unemployment claims fell seemed to confirm a trend toward growth in the US economy, while an increase in imports from Pacific Rim countries served to offset indications of slowing consumer spending.

The dollar gained 0.1 percent in relation to the euro to stand at $1.2620 at mid-day in New York. The dollar was also up in relation to the yen, up 0.4 percent to ¥107.55.

Sterling was up early in London on positive retail sales, but by mid-session in New York it had eased back somewhat. Still, sterling remained up 0.1 percent at $1.8355 in relation to the US dollar and was up 0.2 percent to £0.6875 against the euro.

The euro was having difficulties against other currencies as data continued to show a slowdown in economic growth in the eurozone. April headline inflation remained the same for the third straight month, core inflation fell more than was expected, and industrial production continued to fall in March.

Meanwhile, the Canadian dollar was a bit lower in relation to the US dollar, standing at $1.2632 at mid-day in New York.

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