LONDON, 14 October 2006 — The dollar picked up steam against the euro here yesterday, powered by US retail sales figures seen as revealing positive prospects for the national economy.
Retail sales across the United States rose by a healthy 0.6 percent last month, aside from a substantial plunge in gas prices.
A 9.3 percent drop in sales figures from service stations caused the overall retail sales number to fall by 0.4 percent, the Commerce Department reported yesterday. The single European currency in late-day trade was at 1.2494 dollars after 1.2554 late Thursday in New York. The dollar was trading at 119.81 yen against 119.33 on Thursday. The euro was changing hands at 1.2494 dollars against 1.2554 dollars on Thursday, 149.69 yen (149.81), 0.6737 pounds (0.6753) and 1.5942 Swiss francs (1.5928) The dollar stood at 119.81 yen (119.33) and 1.2756 Swiss francs (1.2686).
World crude oil prices leapt by more than a dollar yesterday, recovering at the end of a week which witnessed New York crude strike the lowest point in 2006. New York’s main contract, light sweet crude for delivery in November, jumped $1.19 to $59.05 per barrel in pit trading yesterday. In London yesterday, Brent North Sea crude for November delivery soared $1.28 to $60.04 per barrel in electronic deals.
