LONDON, 1 October 2005 — The dollar drifted lower here yesterday after a mixed bag of US data showed a rise in a key measure of inflation but no increase in consumer confidence.
The euro edged up to 1.2058 dollars in European trading from 1.2030 late on Thursday in New York.
The dollar stood at 113.34 yen from 112.99 yen on Thursday.
Both the euro and the pound managed to make good some lost ground on the dollar as it became clear that the US unit’s gains since the start of the month were coming to a close.
The pound managed a comeback in afternoon trade after having been sold down steadily over the past few days.
But the relentless onslaught of weak British data continued, leading to speculation that the Bank of England might be forced to deliver an interest rate reduction before the year ends.
The euro was changing hands at 1.2058 dollars against 1.2030 late on Thursday in New York, 136.65 yen (135.92), 0.6815 pounds (0.6829) and 1.5547 Swiss francs (1.5568).
The dollar stood at 113.34 yen (112.99) and 1.2895 Swiss francs (1.2936).
The pound was trading at 1.7691 dollars (1.7612), 200.50 yen (199.98) and 2.2810 Swiss francs (2.2783).
On the London Bullion Market, the price of an ounce of gold stood at $473.25 from $472.40 late on Thursday.