10 May 2005, 13:42  The dollar traded with a firm bias against the euro and yen

The dollar traded with a firm bias against the euro and yen on Tuesday and hit a one-month high against sterling as evidence piled up of a slowing British economy. The pound fell after data showed UK retail sales fell at a record annual pace in April. The release came a day after news that UK manufacturing output fell at its fastest rate in March in nearly three years. The British Retail Consortium said sales fell 4.7 percent on a like-for-like basis in April, the biggest annual fall since it began compiling records a decade ago. The dollar kept its firm tone from a strong U.S. employment report released late last week. But with data on Wednesday expected to show a record U.S. trade deficit few people were prepared to push the U.S. currency out of recent trading ranges.

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