LONDON, 23 December 2004 — The dollar struggled against the euro in thin pre-holiday trade yesterday despite an upward revision to US economic growth in the third quarter, while analysts forecast possible further strains for the US currency before the end of 2004.
The single European currency rose to 1.3382 dollars in late European trading from 1.3369 late on Tuesday in New York. The dollar was trading at 104.06 yen from 104.32 on Tuesday.
The euro was changing hands at 1.3382 dollars against 1.3369 late on Tuesday in New York, 139.25 yen (139.47), 0.6996 pounds (0.6931) and 1.5431 Swiss francs (1.5417). The dollar stood at 104.06 yen (104.32) and 1.1532 Swiss francs (1.1534).
Meanwhile, European stocks marched higher yesterday as investors sought bargains in quiet pre-holiday trading, marked by a two-day rally on Wall Street and a fall in a global oil prices. London’s FTSE index gained 0.94 percent to close at 4,777.4, Paris’ CAC 40 added 0.96 percent to end the session at 3,806.15, while in Frankfurt the DAX rose 0.64 percent to reach 4,241.28. Elsewhere in Europe, Amsterdam’s AEX rose 0.82 percent to 346.81 points, Brussels’ Bel-20 added 0.64 percent to 2,950.10, Madrid’s Ibex-35 advanced 0.93 percent to 9,025, Milan’s SP Mib rose 0.73 percent to 30,771, and the SMI index of Swiss shares rose 0.83 percent to 5,687.7.
In New York, US stocks held solid gains yesterday. The Dow Jones Industrial Average was up 40.11 points, or 0.38 percent, at 10,799.19. The Standard & Poor’s 500 Index was up 3.50 points, or 0.29 percent, at 1,208.95. The technology-laced NASDAQ Composite Index was up 4.10 points, or 0.19 percent, at 2,155.01.
Asian stock markets posted solid gains yesterday.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 83.52 points to 11,209.44. In Seoul, the KOSPI index closed up 0.56 points at 883.38. In Hong Kong, the Hang Seng Index closed down 29.71 points at 14,151.08, off a low of 14,117.30. In Sydney, the broader All Ordinaries index also set a new record high, rising 19.1 points to 4,037.4. The Straits Times Index dropped 7.82 points to 2,055.77, and the All-Singapore Equities index fell 1.16 points to 525.44.
The Kuala Lumpur Composite Index lost 3.2 points at 903.3. The Philippine Stock Exchange composite index gained 14.29 points to close at the day’s high of 1,789.74.
The Bombay Stock Exchange’s 30-share benchmark Sensex index fell 37.64 points to close at 6,413.66.
