Dollar Slips Against Major Currencies
Monday October 16, 10:22 am ET
Dollar Falls Against Euro, Pound and Yen in Afternoon Trading in Europe
BERLIN (AP) -- The dollar slipped Monday against the euro and other major currencies in advance of U.S. inflation data later this week.
The euro bought $1.2527 in afternoon European trading, up from $1.2514 late Friday in New York. The British pound rose to $1.8636 from $1.8568.
The dollar dropped to 119.13 Japanese yen from 119.63 yen late Friday.
Markets were looking ahead to the release of the latest U.S. producer price index, due on Tuesday, and the consumer price index on Wednesday, both key gauges of inflation.
Rising interest rates boosted the dollar over the past two years as the Federal Reserve sought to keep growth from fueling inflation, but it has kept rates unchanged recently.
Higher interest rates, a weapon against inflation, support a currency by making assets denominated in that currency more attractive to investors.
Odysseus crossed the river of Styx. He asked Achilles if it was worth trading his life to have his 'name' live forever. Achilles replies: "I would rather be the slave of a slave on earth, then to live here in Hades..." --Homer's The Illiad
