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Wednesday 22nd of July 2009
May 20, 2005

Dollar returns to high against euro


by Brian Turner
Dollar returns to high against euro

After the release of a flurry of economic date in recent weeks, some analysts predicted that the US dollar’s recent rally would come to a halt, but after a stall in the middle of the week, the dollar hit a high for the year in relation to the euro and a one-month high against the yen on Friday.

By the middle of the afternoon in New York, the dollar had gained 0.5 percent for the week in relation to the euro, to $1.2550. The dollar was up 0.8 percent against the yen to stand at ¥108.10, and it was also up in relation to sterling, where it gained 1.3 percent to $1.8260.

Among the news the dollar overcame to reach these levels was word that core consumer prices were flat in April when a rise of 0.2 percent was expected.

Industrial production figures fell 0.2 percent in April, although some rationalized that most of that decline came from the automotive sector.

Most recently, data released on Monday by the US Treasury department showed that net portfolio inflows into the US fell to $45.7 billion in March, down from $81.4 billion in February and the lowest since October 2003.

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