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Forex - Dollar broadly lower as risk appetite recovers slightly

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Forex Pros - The U.S. dollar was broadly lower against its major counterparts on Wednesday, as concerns over the euro zone eased, while gains in share and commodity prices offered some support to riskier currencies.

During European morning trade, the greenback was down against the euro, with EUR/USD rising 0.22% to hit 1.4269.

But the greenback was higher against the pound, with GBP/USD slipping 0.08% to hit 1.6240.

Earlier in the day, official data showed that the number of people on unemployment benefits in the U.K. rose sharply in April but the country's unemployment rate dipped unexpectedly in March.

The greenback was lower against the yen and the Swiss franc with USD/JPY shedding 0.44% to hit 81.06 and USD/CHF dipping 0.03% to hit 0.8797.

Earlier, official data showed that Japan's tertiary industry index plunged 6.0% in March, the sharpest fall in 22 years, after the March 11 disasters virtually halted all nonessential economic activities nationwide.

Elsewhere, the greenback was also lower against its Canadian, Australian and New Zealand cousin, with USD/CAD sliding 0.13% to hit 0.9708, AUD/USD easing up 0.04% to hit 1.0631 and NZD/USD gaining 0.47% to hit 0.7885.

Earlier Wednesday, Moody's downgraded the debt ratings of Australia's four largest banks, citing their dependence on global lending markets.

Separately, government data showed that New Zealand's rate of producer price inflation rose more-than-expected in the first quarter.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.22%.

Later in the day, the Federal Reserve was to publish the minutes of its last policy meeting.

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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.


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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