Dollar slips lower vs. yen Investing - The dollar slipped lower against the yen on Tuesday after Federal Reserve officials sought to downplay market concerns over prospects of an end to the central bank’s easing policies. During European late morning trade, the dollar was close to session lows against the yen, with USD/JPY down 0.39% to 97.34. On Monday, Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis, said the central bank was committed to continuing its bond purchase program until the U.S. unemployment rate falls further. Dallas Fed President Richard Fisher also indicated that market jitters over tapering were overdone. The dollar had rallied against the other major currencies after Fed Chairman Ben Bernanke said last week that the bank could begin slowing asset purchases by the end this year if the economy continues to pick up. Elsewhere, the dollar was little changed against the euro, with EUR/USD inching up 0.03% to 1.3122. In the euro zone, Spain and Italy saw borrowing costs rise sharply at auctions of government debt, amid uncertainty over U.S. monetary policy. Spain sold EUR930 million of three-month bonds at average yield of 0.86%, up from 0.33% previously and EUR2.14 billion of nine-month bonds at an average yield of 1.44%, up from 0.78%. Italy auctioned EUR3.5 billion of two-year bonds at an average yield of 2.4%, up from 1.1% previously. The greenback was slightly lower against the pound, with GBP/USD rising 0.15% to 1.5456, but pushed higher against the Swiss franc, with USD/CHF climbing 0.12% to 0.9343. The greenback was mixed to lower against its Australian, New Zealand and Canadian counterparts, with AUD/USD easing up 0.14% to 0.9259, NZD/USD sliding 0.10% to 0.7739 and USD/CAD falling 0.26% to 1.0471. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.12% to 82.54. The U.S. was to release official data on durable goods orders and reports on home sales and consumer confidence later in the trading day.
Posted on: Tue, 25 Jun 2013 11:59:43 +0000
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