Tuesday, May 15, 2007

Dollar Down In Choppy Sessions With Other Majors, Tuesday, May 15, 2007 10:53:13 AM

The dollar was down after chopping trading Tuesday morning in New York. The greenback reached a monthly high against the pound early in the day but could not hold those gains. The dollar also slipped against the yen and euro. Trading took place amid the release of consumer price index data in the U.S., as well as the U.K. and France.

The U.S. dollar was choppy against the euro in late-morning trading in the U.S. on Tuesday amid the release of consumer price index data in both zones. The dollar dropped in early morning trading but then spiked up at around 3 a.m. ET. It reached as high as 1.3525 at 6:15 a.m. ET. However, the dollar slipped back sharply shortly after that and hit 1.3563 at around 8:30 a.m. The dollar bounced back from there, but remained down for the day in the late morning.

The U.S. dollar slipped in late morning trading in New York against the British pound and was down for the day. The greenback was down in early morning trading but then spiked up at around 4 a.m. ET on the release of weaker-than-expected British consumer price index data. It got up to a monthly high of 1.9748 at a little after 6 a.m. But the buck couldn`t sustain the momentum and fell back below its overnight levels at around 10 a.m. ET.

The greenback was down slightly on the yen in the late morning of a choppy trading session on Tuesday. The greenback fell for the first two hours of the day in New York, hitting as low as 120.12 at 3 a.m. ET. The dollar climbed for the next five hours, but then fell back sharply.

The inflation report of the Labor Department revealed that the consumer price index rose 0.4% in April compared to a 0.6% increase in March. The increase was tamer than the 0.5% growth expected by economists. Annually, consumer prices increased 2.6%. Trading also took place amid the release of French consumer price index data, which rose 0.5%.
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posted by Kalin Tasev @ 8:08 AM

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