CURRENCIES: Dollar Slips Vs. Euro, Yen As European Shares Gain
By Polya Lesova
The U.S. dollar edged lower against other major currencies on Wednesday, as
European shares posted gains for the fifth time in six sessions.
The dollar slipped versus the Japanese currency to trade at 89.14 yen, down
from 89.32 yen in late North American trading on Tuesday.
The European currency bought $1.4924, up from $1.4869 late Tuesday.
Currency strategists at Calyon Research Asia "continue to look for [euro/U.S.
dollar] upside over the next couple of months, with a break of $1.5061 likely to
provoke one of those year-end accelerations in the [U.S. dollar] weakening
trend."
They said the dollar "is forecast to remain on the defensive against risk
currencies, and we look for short-term gains in commodity currencies in
particular against the greenback."
The dollar index (DXY), which tracks the performance of the greenback against
a basket of other major currencies, fell 0.4% to 75.097.
The British pound gained 0.2% to $1.6822.
Asian stock markets were mixed, while the pan-European Dow Jones Stoxx 600
index rose 0.3% in recent trading.
On Tuesday, the dollar gained ground on the euro and other currencies, with
investors taking cover in the U.S. currency after new data underscored the
fragility of the economy's nascent turnaround.
(END) Dow Jones Newswires
11-18-090405ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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