LONDON, 29 April 2006 — The euro climbed to a near 12-month high against the dollar yesterday after economic data and comments from the new chairman of the Federal Reserve served to undermine the US currency.
In late European trading, the euro stood at 1.2632 dollars, up from 1.2531 dollars late on Thursday in New York, after climbing to 1.2634 dollars earlier — the highest level since May 20, 2005. The dollar dipped to 113.73 yen from 114.14 on Thursday.
The euro was changing hands at 1.2632 dollars against 1.2531 late on Thursday, 143.58 yen (143.07), 0.6932 pounds (0.6955) and 1.5669 Swiss francs (1.5780). The pound was being traded at 1.8227 dollars (1.8018).
Meanwhile, European stock exchanges wilted yesterday. The London FTSE 100 index fell 0.61 percent to close at 6,023.1 while in Paris the CAC 40 shed 0.48 percent from Thursday to end the week at 5,188.40. In Frankfurt the DAX lost 0.95 percent to reach 6,009.89. The Euro Stoxx 50 index of leading euro zone shares fell 0.66 percent to 3,839.90. In New York, the Dow Jones Industrial Average edged up 5.60 points (0.05 percent) to 11,388.11 at 1455 GMT a day after wrapping up at a six-year closing high.
Asian stocks closed off their lows yesterday. Oil prices rebounded strongly yesterday. New York’s main contract, light sweet crude for delivery in June, surged by $1.08 to $72.05 per barrel in pit trade after earlier hitting $72.30. In London, the price of Brent North Sea crude for June delivery soared by $1.06 to $71.97 per barrel in electronic deals after striking as high as $72.31.
