14 July 2004, 16:45  Dollar falls vs euro after US June retail sales

The dollar fell against the euro on Wednesday, after a weaker than expected report on U.S. June retail sales showing the American consumer struggling to deal with the effects of high energy prices. Retail sales for June slid 1.1 percent, compared with economists' forecasts for an overall decline of 0.6 percent. Excluding a large decline in auto sales, retail purchases fell a smaller 0.2 percent. Economist had expected a rise of 0.2 percent excluding autos. Consumer spending accounts for some two thirds of U.S. economic activity. Early morning in New York, the euro initially rose against the dollar, trading at $1.2413 soon after the report from about $1.2285 shortly prior. The dollar fell against the yen, trading at about 108.77 yen from about 108.80 yen shortly prior.|||

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