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Forex - Dollar broadly lower vs. rivals as U.S. data eyed

Published 05/31/2011, 07:52 AM
Updated 05/31/2011, 07:52 AM

Investing.com – The U.S. dollar was broadly lower against its major counterparts on Tuesday, while the euro strengthened after reports that Germany could make concessions to facilitate a new bailout package for Greece.

During European afternoon trade, the greenback was sharply lower against the euro, with EUR/USD gaining 0.79% to hit 1.4395.

The single currency shrugged off official data showing that consumer price inflation in the euro zone declined unexpectedly in May.

The greenback was also lower against the pound, with GBP/USD rising 0.15% to hit 1.6499.

Meanwhile, the greenback was up against the yen and the Swiss franc with USD/JPY surging 0.76% to hit 81.55 and USD/CHF easing up 0.09% to hit 0.8527.

The yen weakened broadly after Moody’s Investor Services said earlier that it was placing Japan's Aa2 sovereign debt rating under review, pending a possible downgrade.

Meanwhile, the greenback was lower against its Canadian and New Zealand counterparts, but higher against its Australian cousin, with USD/CAD shedding 0.47% to hit 0.9722, NZD/USD climbing 0.66% to hit 0.8217 and AUD/USD sliding 0.34% to hit 1.0653.

A report earlier, showing that business confidence in New Zealand surged to a one-year high in April bolstered expectations that the central bank will raise interest rates this year.

Elsewhere, separate reports showed that Australia’s current account deficit widened in the first quarter and home building approvals fell last month.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.43%.

Later Tuesday, the U.S. was to publish industry data on house price inflation and consumer confidence, as well as an index of manufacturing activity in the Chicago area.

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