LONDON, 9 September 2005 — The dollar crept higher against the euro here yesterday as traders saw US rate hikes continuing despite the impact on the US economy of Hurricane Katrina. The single European currency in late trade was at 1.2339 dollars against 1.2415 late Wednesday in New York. The dollar was meanwhile trading at 110.49 yen after 110.01 on Wednesday.
The euro was changing hands at 1.2399 dollars against 1.2415 late on Wednesday in New York, 137.01 yen (136.60), 0.6744 pounds (0.6761) and 1.5428 Swiss francs (1.5429). The dollar stood at 110.49 yen (110.01) and 1.2441 Swiss francs (1.2426).
US stocks fell yesterday, led by declines in Coca-Cola Co., as investors worried corporate profits will disappoint later this year amid high energy costs and damage caused by Katrina. The Dow Jones industrial average was down 25.63 points, or 0.24 percent, at 10,607.87. Asian stocks closed mixed as investors digested a change in tone after remarks on inflation by a senior US Federal Reserve official pointed to continued US interest rate hikes, dealers said.