Dollar ebbs against euro in tight trade

NEW YORK — The dollar fell slightly against the euro on Tuesday, as the single currency was pushed higher by Europe’s rebounding financial sector.

By (AFP)

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Published: Wed 28 Jul 2010, 11:06 AM

Last updated: Thu 2 Apr 2015, 9:44 AM

The euro reached 1.2997 dollars in New York at 2230 GMT up from 1.2990 late yesterday.

“Positive earnings by European financial institutions helped support the euro initially before mixed US economic data arrested investor risk-seeking and kept price action range-bound,” said Brian Kim of UBS.

Analysts said markets were quiet, after a heavy news-flow, including results on Friday of the stress tests on the European banking system which largely gave the banks a clean bill of health.

But news of sagging US consumer confidence helped arrest the euro’s rise, as investors hedged risk.

“The euro will likely remain driven by risk sentiment for now.”

Against other key currencies, the dollar rose against the Japanese currency, hitting 87.78 yen from 86.86 yen Monday.

“It was comeback day for the greenback, which rose strongly against the Japanese Yen, Swiss Franc and Canadian dollar,” said Kathy Lien of Global Forex Trading.

The dollar also rose against the Swiss franc, trading at 1.0605 francs, up from 1.0484 on Monday while the British pound rose to 1.5590 dollars from 1.5486 dollars.

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