Dollar falls amid Bernanke's comment on high unemployment

08:25, February 10, 2011      

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The dollar on Wednesday fell against most major currencies as Federal Reserve Chairman Ben Bernanke said U.S. unemployment remained too high.

At a hearing in the House Budget Committee, Bernanke again expressed concerns about high unemployment, saying the unemployment rate is likely to remain high "for some time" even after the biggest two-month drop in the jobless rate since 1958.

He ensured the Fed's quantitative easing will remain in place, which fueled dollar selling.

In the later trading session, the dollar extended the losses as U.S. bond yields fell after a solid 24-billion auction of 10-year Treasury notes.

In late Wednesday trading, the euro rose to 1.3724 dollars from 1.3627, while the British pound rose to 1.6098 dollars from 1.6057. The dollar fell from 0.9634 to 0.9577 against the Swiss franc, and also dropped to 0.9947 Canadian dollars from 0.9960.

But the dollar bought 82.39 yen, comparing with 82.38 late Tuesday.

Source: Xinhua
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