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June 17, 2005    

Negative data stops dollar rally

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by Brian Turner
Negative data stops dollar rally

The US dollar had a rough week as negative data finally stopped its rally, helping the euro to make some gains after having fallen 6.7 percent in relation to the dollar since early May.

The euro gained 1.1 percent this week to $1.2239 in relation to the US dollar, gaining most on Friday after comments from European banking and finance officials that an interest rate hike would not be of any help to it.

The shared currency also gained 1.3 percent this week in relation to the yen, to ¥133.27 and was up 0.3 percent for the week to £0.6703 against sterling.

Meanwhile, the dollar was hit by a series of negative reports during the week, including consumer and producer inflation figures that came in under expectations and figures showing that capital inflows for April did not cover the trade deficit for the second month in a row.

The Australian dollar gained 1.9 percent against the US dollar this week to $0.7764, and the New Zealand dollar rose 1.6 percent for the week to $0.7167 in relation to the US dollar.

In addition, the Brazilian real gained 3.4 percent to R$2.388 against the US dollar and sterling rose 0.8 percent for the week to $1.8260 in relation to the US dollar.

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