13 July 2005, 17:29  Dollar extends gains as May trade deficit shrinks

The U.S. dollar extended early gains against its chief counterparts after a report showed the U.S. trade deficit narrowed in May, a month that saw oil prices recede. The euro was trading at $1.2185 ahead of the report, fell to $1.2153 and had since rebounded some, to $1.2161. The dollar remained up 0.6% against the euro from where it stood Tuesday. Dollar-yen was at 111.35 before the report, 111.43 just after and at 111.46 more recently, a gain of 0.5% from Tuesday. Currency analysts said trade-related gains for the dollar may be muted as investors look ahead to June data. Chinese trade figures for June showed a huge surplus for that nation.

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