May 14, 2008	Wednesday	Jamadi-ul-Awwal 8, 1429

LONDON, May 13: The dollar firmed against the euro here on Tuesday on news that US retail sales excluding automobiles rose a better-than-expected 0.5 per cent in April from March.

The single European currency in late-day trading was at $1.5513, down from $1.5542 late Monday in New York. The dollar was meanwhile trading at 104.37 yen, up from 103.83 on Monday.

Analysts at Lehman Brothers said that given the price of gasoline, an uncertain job market and tight credit conditions, the April performance showed that the US consumer was prepared to spend money.

But there remain causes for clear concern about prospects for the world’s largest economy.

Federal Reserve Chairman Ben Bernanke said on Tuesday that financial markets were still “far from normal” but had nonetheless improved as a result of extraordinary liquidity measures by the US and other central banks.—AFP