LONDON, 7 October 2006 — The dollar advanced to it is strongest reading since July 26 against the euro yesterday as dealers determined that a September employment report in the United States was not as weak as it had initially seemed.
The single European currency in late-day trade was at 1.2597 dollars against 1.2691 late Thursday in New York. The dollar meanwhile was trading at 118.91 yen after 117.63 on Thursday. The euro was changing hands at 1.2597 dollars against 1.2691 dollars on Thursday, 149.81 yen (149.31), 0.6734 pounds (0.6753) and 1.5888 Swiss francs (1.5890).
World oil prices dropped back below $60 per barrel yesterday.
New York’s main contract, light sweet crude for delivery in November, declined 83 cents to $59.20 per barrel in pit trading. In London, Brent North Sea crude for November delivery lost 82 cents to $59.18 per barrel in electronic trading.