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Dollar Rises Against Euro, Pound

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The Tampa Tribune

Published: December 15, 2007

NEW YORK - The dollar gained on the euro Friday after a report showed that inflation in the 13 nations that use the euro surged to an annualized rate of 3.1 percent in November, the highest level since the currency was first used in 2002 and above an earlier estimate.

In afternoon New York trading, the euro bought $1.4425, down 2 U.S. cents from $1.4624 the night before. The British pound dropped to $2.0154 from $2.0387, while the dollar rose to purchase 113.42 Japanese yen, from 112.20 yen the night before.

The U.S. currency rose to 1.1533 Swiss francs from 1.1413 francs, and fell to 1.0187 Canadian dollars from 1.0207 Thursday.

The dollar strengthened even as it was reported that U.S. consumer inflation surged by the largest amount in more than two years in November, led by gasoline prices.
European Union statistics agency Eurostat said higher costs for basic foods such as milk, cheese and eggs now join the usual suspects - transport fuel and heating oil - as factors pushing up EU countries' prices from a year ago.

The dollar was also helped by a report from Germany's Federal Statistics Office that consumer prices had risen 3.1 percent in November compared with a year ago, and were up half a percent from October to November.

The Associated Press

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