Source AP ©

Euro up against U.S. dollar - 15 June, 2007

The 13-nation euro rose Friday against the U.S. dollar, as traders looked ahead to economic reports from Washington for hints on future interest rate decisions.

In morning trading, the euro bought US$1.3311, up from US$1.3307 in late New York trading the day before.

Compared to the Japanese yen, meanwhile, the dollar broke through its December 2002 high of 123.13 yen to purchase 123.27 yen. The rise came after the Bank of Japan failed to give any hint on the timing of its next rate hike.

Higher interest rates, a weapon against inflation, can strengthen a currency by making investments denominated in it more attractive.

The British pound fell slightly to purchase US$1.9693 from US$1.9694 the day before.

Traders were looking ahead to several reports out of the U.S., including CPI data, for direction on whether the U.S. Federal Reserve will increase rates when it next meets.

"A run of strong positive numbers here could well give the greenback some additional support as we move into the weekend break," said David Jones, chief market analyst for CMC Markets.

Comments
Austria will not ruin its friendship with Russia despite spy scandal
The difference between Polish and Ukrainian nationalism is plain to see
Russia unveils nuclear-powered interstellar spaceship
The difference between Polish and Ukrainian nationalism is plain to see
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Russia loses nuclear-capable cruise missile in Barents Sea. US intelligence finds it
Capital outflow from Russia sets new records
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Russia's game in Libya
US midterm elections: Impeachment unlikely, Russophobia getting stronger
Capital outflow from Russia sets new records
Russian PM threatens not to go to World Economic Forum in Davos
Russian PM threatens not to go to World Economic Forum in Davos
Russia close to recognising Donetsk and Luhansk republics after Donbass elections
Presidential and midterm elections in the USA change the 'American project' entirely
Presidential and midterm elections in the USA change the 'American project' entirely
Russian scientists develop technology to create HIV resistant human embryos
Russia rips its economy apart with help from the West
Russia close to recognising Donetsk and Luhansk republics after Donbass elections