Forex - Dollar trims gains vs. rivals as euro regains ground
Investing.com
Published Jul 12, 2011 08:04AM ET
During European afternoon trade, the greenback was higher against the euro, with EUR/USD shedding 0.22% to hit 1.3997.
Italy auctioned the targeted amount of EUR6.75 billion of 12-month Treasury bills but bond yields rose to 3.6%, their highest level since September 2008. Earlier in the day, the yield on 10-year Italian bonds surged to a euro-lifetime high.
The single currency was also propped up amid speculation that the European Central Bank was buying up peripheral euro zone debt.
The greenback was also up against the pound, with GBP/USD sliding 0.38% to hit 1.5845.
Earlier Tuesday, official data showed that consumer price inflation in the U.K. declined unexpectedly in June.
Elsewhere, the greenback remained lower against the yen and the Swiss franc, with USD/JPY falling 0.63% to hit 79.74 and USD/CHF skidding 0.21% to hit 0.8338.
The Bank of Japan raised its economic outlook for the second month earlier and left its benchmark interest rate unchanged at 0.1%, in a widely expected decision.
Meanwhile, the greenback was higher against its Canadian, Australian and New Zealand counterparts, with USD/CAD rising 0.28% to hit 0.9729, AUD/USD shedding 0.46% to hit 1.0603 and NZD/USD tumbling 1.13% to hit 0.8196.
A report earlier showed that Australian business confidence fell to a six-month low in June, as concerns over the impact of the high Australian dollar and the global economic outlook weighed.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.21%.
Later in the day, the U.S. was to publish official data on its trade balance, while the Federal Reserve was to publish the minutes of its June policy-setting meeting.
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Written By: Investing.com
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