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Dollar broadly lower vs. rivals on Bernanke remarks

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Shutterstock photo - The U.S. dollar was broadly lower against the other major currencies on Friday, after fresh comments by Federal Reserve Chairman Ben Bernanke on Thursday weighed on demand for the greenback.

During European morning trade, the dollar was lower against the euro, with EUR/USD adding 0.16% to 1.3128.

Demand for the greenback remained under pressure after Federal Reserve Chairman Ben Bernanke reiterated that monetary policy will remain highly accommodative, even as the central bank starts to pare back its bond buying.

He made these comments during his second day of testimony on monetary policy before the Financial Services Committee in Congress.

Earlier Friday, official data showed that producer price inflation in German was flat in June, confounding expectations for a 0.1% downtick, after a 0.3% decline the previous month.

A separate report showed that house prices in Spain fell by 2.4% in the second quarter, following a 0.8% decline in the first quarter.

The greenback was also lower against the pound, with GBP/USD edging up 0.11% to 1.5241.

Official data showed that public sector net borrowing in the U.K. fell less-than-expected in June, declining to GBP10.2 billion from GBP12.8 billion the previous month.

Analysts had expected public sector net borrowing to fall to GBP9.5 billion last month.

Elsewhere, the greenback was lower against the yen and the Swiss franc, with USD/JPY slipping 0.11% to trade at 100.30, and with USD/CHF falling 0.22% to 0.9426.

The greenback was lower against its Canadian, Australian and New Zealand counterparts, with USD/CAD dipping 0.02% to 1.0374, AUD/USD adding 0.13% to 0.9182 and NZD/USD climbing 0.63% to 0.7951.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.21% to 82.77.

Trading volumes were expected to remain light on Friday, as no U.S. data was scheduled to be released throughout the day. - offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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