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Dollar gives up gains vs. yen, euro rises

ForexJun 12, 2013 11:10AM ET
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This article has already been saved in your Saved Items - The dollar erased gains against the yen on Wednesday, and turned lower against the other major currencies as concerns over central bank stimulus plans remained in focus.

During U.S. morning trade, the dollar turned lower against the yen, with USD/JPY down 0.24% to 95.78, after rising as high as 97.02 earlier in the day.

The dollar tumbled 2.7% against the yen on Tuesday after the Bank of Japan disappointed market expectations for measures to ease volatility in the government bond market.

The BoJ’s lack of action along with growing expectations that the Federal Reserve will begin to unwind its USD85 billion-a-month asset purchase program this year fuelled fears that global central banks are nearing the end of stimulus policies.

The dollar fell to three-and-a-half month lows against the euro, with EUR/USD edging up 0.07% to 1.3322.

The euro touched session lows against the greenback earlier amid concerns over rising peripheral euro zone bond yields. Italy saw borrowing costs rise to the highest level since March on Wednesday when the treasury auctioned EUR7 billion of 12-month bills at a yield of 0.96%, up from 0.70% previously.

The euro remained supported after official data showing that industrial production in the euro zone rose for the third consecutive month in April fuelled hopes that the recession in the bloc may be ending.

Eurostat said industrial production rose by a seasonally adjusted 0.4% in April, defying expectations for a 0.2% decline.

Elsewhere, the greenback was hit four-month lows against the pound, with GBP/USD rising 0.14% to 1.5668.

In the U.K., official data showing that the number of people claiming unemployment benefits fell to the lowest level in two years in May boosted optimism over the economic recovery.

The Office for National Statistics said that the claimant count in the U.K. fell by a seasonally adjusted 8,600 in May, better than expectations for a decline of 5,000 people.

The unemployment rate remained steady at 7.8% in April, in line with expectations.

The dollar erased gains against the traditional safe haven Swiss franc, with USD/CHF sliding 0.20% to 0.9225.

The greenback came off lows against its Australian and New Zealand counterparts, with AUD/USD up 0.76% to 0.9495 and NZD/USD rising 1.18% to 0.7963. The greenback was unchanged against the Canadian dollar, with USD/CAD trading at 1.0188.

A report by Westpac Banking Corporation on Wednesday showed that Australian consumer sentiment rose 4.7% in June, after a 7% decline the previous month, but indicated that gains could be short lived as concerns over the economic outlook lingered.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, edged down 0.09% to 81.19.

Dollar gives up gains vs. yen, euro rises

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