12 May 2005, 16:47  Dollar pushing the euro down to new 2005 lows

The dollar surged on Thursday, pushing the euro down to new 2005 lows after a report showing stronger-than-expected U.S. retail sales last month. Retail sales rose 1.4 percent in April, easily beating economists forecasts for a rise of 0.7 percent in the headline figure. Excluding autos, sales rose 1.1 percent, above forecasts for a rise of 0.6 percent. The euro fell to seven-month lows around $1.2707 according to Reuters data, down from around $1.2755 shortly before the report and down about 0.7 percent from late Wednesday. Against the yen the dollar rose to session highs around 106.60 yen, up from around 106.30 yen shortly before the report.

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