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Dollar falls against euro but rises against yen

Monday, Aug. 29, 2005 | 9:25 a.m.

BERLIN -- The dollar fell against the euro today but rose against the Japanese yen, as soaring oil prices clouded prospects for Japan's economy, which depends heavily on imported oil.

The euro was trading for $1.2312 at midday in Europe, up from $1.2305 late Friday in New York. The British pound rose to $1.8050 from $1.8045 on Friday. The dollar was trading for 110.36 Japanese yen, up from 109.86 in New York on Friday.

Japan imports almost all of its oil, and higher energy costs could easily dent corporate earnings there. In Asian electronic trading on the New York Mercantile Exchange, crude oil futures rose as high as $70.80 a barrel today as Hurricane Katrina threatened oil facilities in the Gulf of Mexico and along the coast.

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