Dollar slips as expectation on Fed's move accumulates

08:42, October 08, 2010      

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The U.S. dollar slipped against major currencies in late New York trading on Wednesday as speculation on the Federal Reserve's quantitative easing policy was mounting in the market.

The yen climbed against the dollar, despite Japanese government ' s surprising interest rate cut Tuesday. The move by the Japanese government stimulated investor's fear on Fed's reaction by pulling out further easing monetary policy.

The ADP National Employment report showed that U.S. private- sector job growth tumbled by 39,000 from August to September, another piece of negative news about the economy, further raising speculation on Fed's action.

However, analysts said investors were reluctant to push the dollar too low in fear of more intervention by Japanese government.

The euro rose above its 200-week moving average around 1.3921 against the dollar, as a report showed German's manufacturing orders surged in August.

In late Wednesday trading, the dollar bought 82.93 Japanese yen compared with 83.18 late Tuesday, and the euro rose to 1.3935 dollars from 1.3850.

The British pound fell to 1.5896 dollars from 1.5901. The dollar fell from 0.9661 to 0.9608 against Swiss francs, and fell to 1.0099 Canadian dollars from 1.0160.



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