Markets & Finance

Dollar Weakens


MARKETSCOPE : The dollar weakened on Friday, after news about the September Consumer Price Index eased concerns about inflation.

The euro was up at $1.2090 amid reports that Venezuela and Russia were buying the single currency in the $1.2100 to $1.1950 range. The sterling was up from lows to the $1.7698 level amid speculation the BoE will raise rates, not cut them as one policymaker recently hinted. The dollar was off at 113.96 yen.

The core September Consumer Price Index, which excludes energy and food, rose only 0.1% -- the same as in August. Still, the overall CPI rose 1.2%, up from 0.5 % in August, as energy prices surged 12.0% due to supply shortages related to Hurricanes Katrina and Rita. The August CPI rose 0.5% as energy prices rose 5.0%.

Investors waited for next week's September Producer Price Index report to see if its core rate rises to 0.3% or 0.4% as expected. The headline figure was seen up 1.1% to 1.3%.


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