March 18, 2006	Saturday	Safar 17, 1427

LONDON, March 17: The euro remained firm against the dollar on Friday, continuing to trade close to seven-week highs against the US currency after more weak US data was released later in the day.

Europe’s single currency changed hands for $1.2196 in late trades, against $1.2168 late on Thursday in New York.

The dollar dipped to 115.88 yen, from 116.88 on Thursday.

Both US industrial production and the University of Michigan consumer confidence figures came in slightly below expectations, providing further evidence that US interest rates were probably close to their peak.

“With a lack of inflationary pressure evident in consumer and producer prices, the market is likely to continue selling dollars near-term as expectations of future Fed hikes are pared back,” said Bank of New York currency analyst Michael Woolfolk.

He referred to interest rate increases by the US Federal Reserve.—AFP