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December 22, 2006    

Sterling strengthens on output growth

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by Elaine Frei

The US dollar was even versus the euro on Friday at $1.3170, while it added 0.2 percent against the Japanese yen to ¥118.60 even though core personal consumption expenditures were even in November. The Federal Reserve’s favorite way of measuring inflation had been expected to rise 0.1 percent. Some analysts felt that the new data added to other recent economic news to make an interest rate cut by March more likely.

Sterling was stronger on the news that annual output growth per worker in the UK was up 2.3 percent in the third quarter. The UK currency gained 0.1 percent in relation to the euro, to £0.6715, while it was up 0.3 percent versus the greenback to $1.9660.

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