US dollar gains on euro on Trichet comments

US dollar gains on euro on Trichet comments

Story link: US dollar gains on euro on Trichet comments

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The US dollar strengthened versus the euro on Monday after being at record lows last week.

The gains came after Jean-Claude Trichet, the president of the European Central Bank, expressed concern about exchange-rate volatility, which he called “excessive�, saying that the moves are not good for economic growth.

At noon in New York the dollar traded at $1.5370 to the euro.

The dollar was hurt, however, by anticipation of a Commerce Department report, due Thursday, which is expected to show that retail sales in the US slowed in February.

Meanwhile the pound saw advances after the Office of National Statistics reported that producer prices were up 5.7 percent in February from the same time last year.

The dollar was at $2.0165 to the pound in midday trade in New York.

The greenback was also lower versus the yen, at ¥101.8150 to the dollar, and against the Swiss franc at SFr1.0192 to the US currency.

The yen also strengthened against the euro to ¥156.4947.