Dollar Near Multi-Year Lows Against Other Majors, Monday, April 16, 2007 10:58:18 AM
The U.S. dollar was near multi-year lows against the euro and sterling on Monday morning. Meanwhile, the greenback gained on the Japanese yen. There was some retail news in the U.S. on Monday but traders are awaiting consumer inflation data set for Tuesday.The greenback was generally level against the euro Monday morning in New York, near a two-year low. The dollar reached as low as 1.3574 at 8 p.m. ET Sunday night, but trended up slightly from that mark since. The currencies were at 1.3545 at 10 a.m.
The dollar slipped to a 15-year low against the sterling in Monday`s morning trading in New York. The greenback moved off a daily high of 1.9876 that it touched shortly after 3 am ET, slipping into the mid-morning. The fall came as UK annual house price inflation rose 15% annually. The dollar hit the low of 1.9941 around 6 am ET. Around 109 am ET, the dollar had regained some ground and traded at 1.9897 against the sterling.
The greenback climbed higher in trading with the yen in New York on Monday. The dollar moved off a daily low of 119.22 that it saw around midnight Eastern Time. The buck moved to a nearly 2-month high of 119.61 at 3 am ET. The pair traded in a range as the morning progressed. By 10:30 am ET, the dollar traded at 119.69 against the yen. Affecting the yen on Monday was the lack of discussion about its weakness at the meeting of the group of seven over the weekend.
On Monday morning, the U.S. Commerce Department revealed that retail sales climbed 0.7% in March. This marked an acceleration from February`s revised gain of 0.5%. The rise in March was also above economists` expectations. In a separate report, the New York Federal Reserve Bank announced that its Empire State index, a measure of manufacturing activity in New York state, edged up to 3.8 in April. This followed a reading of 1.9 in March.
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posted by Kalin Tasev @ 8:47 AM
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