Dollar edges up after tame inflation data
Afp, New York
The dollar was mixed in Asian trade on Wednesday after stumbling overseas on signs of tamer inflation in the United States that eased worries about higher interest rates there, dealers said. The dollar gained to 117.72 yen in Tokyo afternoon trade from 117.58 late Tuesday in New York. The euro rose to 1.2817 after 1.2809 dollars and to 150.82 yen from 150.64. US wholesale prices tumbled 1.6 percent in October as oil costs slid, while core prices excluding food and energy were down 0.9 percent. US retail sales fell 0.2 percent in the same month. "The US dollar was on the ropes after economic reports on retail sales and producer prices for October indicated slower economic growth and moderating inflation, heightening expectations of Fed interest rate cuts in 2007," noted National Australia Bank strategist John Kyriakopoulos in Sydney.
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