28 February 2005, 15:44  U.S. Dollar Lower Against Euro

The dollar was slightly lower Monday against the euro, which built on gains it made against the U.S. currency last week.
The euro was at US$1.3260 in mid-morning European trading, up from US$1.3244 in New York late Friday. The British pound rose to US$1.9235 from US$1.9185.
The dollar also lost ground against the yen, which was boosted by a larger-than-expected 2.2 percent on-year rise in Japanese retail sales in January. It bought 104.36 yen, down from 105.20 yen on Friday.
The euro soared from about US$1.20 in September to an all-time high of US$1.3667 at the end of December, powered by concerns over the U.S. budget and trade deficits. The dollar has since regained some ground, but analysts think the recovery could be temporary and that the euro will continue its rise this year.
U.S. economic data weighed down the dollar late last week. The release of minutes from the February meeting of Federal Reserve policy-makers raised doubts that U.S. trade imbalances will narrow in the near term, while orders for big-ticket manufactured goods fell 0.9 percent in January, the worst showing in three months.

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