LONDON, 11 January 2007 — The dollar jumped to a seven-week high against the euro here yesterday on the unexpected news that the US trade deficit had narrowed in November for the third straight month.
The single European currency in late-day deals was at 1.2939 dollars after 1.3000 late Tuesday in New York. The euro at one point slid to 1.2932 dollars, its lowest reading since November 23.
The dollar was meanwhile trading at 119.58 yen against 119.34 on Tuesday.
The euro was changing hands at 1.2939 dollars against 1.3000 dollars on Tuesday, 154.75 yen (155.15), 0.6695 pounds (0.6702) and 1.6124 Swiss francs (1.6133). The dollar stood at 119.58 yen (119.34) and 1.2460 Swiss francs (1.2408). On the London Bullion Market, the price of gold rose to $618.40 per ounce from $609.60 on Tuesday.
Meanwhile, European stock markets lost ground yesterday.
In New York, the Dow Jones Industrial Average was down 23.79 points, or 0.19 percent, at 12,392.81. The Standard & Poor’s 500 Index was down 2.85 points, or 0.20 percent, at 1,409.26. The NASDAQ Composite Index was up 1.02 points, or 0.04 percent, at 2,444.85.
Asian stocks closed sharply lower yesterday.
Oil slid toward $54 yesterday. US crude was down $1.27 cents at $54.35 a barrel at 1736 GMT. London Brent crude was down $1.15 at $54.03.