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January 23, 2007 > Dollar little changed against major currencies in New York trading

Dollar little changed against major currencies in New York trading

NEW YORK (AP), Jan 19 _ The dollar was little changed against major currencies Friday a day after the Federal Reserve reported that consumer inflation moderated in 2006.

In afternoon New York trading, the 13-nation bought $1.2965, up slightly from $1.2959 late Thursday in New York. The British pound inched up to $1.9737 from $1.9733.

The dollar rose against the Japanese currency, edging up to 121.29 yen from 121.26 yen late Thursday.

The Labor Department reported Thursday that consumer prices rose by 2.5 percent last year, the smallest rise since 2003 when prices gained by 1.9 percent.

The data may signal to the Fed that it has achieved its goal of containing inflation while maintaining a growing economy, and that there may be no need for a change in credit policy at its January meeting.

The central bank has kept interest rates unchanged at 5.25 percent since August 2006 after a more than two-year string of hikes to combat inflation.

Higher interest rates, a weapon against inflation, support a currency by making some assets denominated in that currency more attractive to investors.

The markets are looking ahead to existing home sales data due out next Thursday and the Commerce Department's reports on new home sales and durable goods orders on Friday.

In other New York trading, the dollar bought 1.2477 Swiss francs, down from 1.2480 late Thursday, and 1.1714 Canadian dollars, down from 1.1728.

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