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FX round-up: Dollar trades lower

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Date: Tuesday 15 Apr 2008

LONDON (ShareCast) - The dollar fell against the euro and the yen on Monday but managed to trim some losses after a better than expected US retail sales report.

The Commerce Department reported that retail sales rose slightly in March compared with a decline the previous month.

However the dollar continues to be hurt by comments from the Group of Seven industrial nations.

“There have been at times sharp fluctuations in major currencies, and we are concerned about their possible implications for economic and financial stability," the G-7 said last week.

G7 said it will be keeping a sharp eye on the US currency’s recent decline but market watchers say there is some frustration that no specific mention of the dollar’s decline was mentioned.

Meanwhile sterling continued to rise against the euro following a report that showed UK producer price inflation rose.

The report reduced expectations that the Bank of England will cut interest rates again.

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