Dollar declines as euro recovers

08:21, November 18, 2010      

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The U.S. dollar slipped against major currencies in late New York trading on Wednesday as the euro recovered on the news that Ireland might get help to solve its debt problems.

The euro slid to 1.3460, a seven-week low, against the dollar in earlier trading on Wednesday, but later as Ireland committed itself to working with a European Union-IMF mission on urgent steps to help its stricken banking sector, the pair recovered to above 1.35.

Meanwhile, the U.S. Labor Department said on Wednesday that U.S. Consumer Price Index rose by 0.2 percent last month, an increase from September's 0.1-percent rise. Wall Street analysts had expected a slightly larger increase. It was the fourth straight rise.

The less-than-expected data showed the consumer prices' rise was moderate, and supported the Fed's newly announced monetary easing policy.

The dollar index, a measure of its performance against six currencies, was down near 78.889 on Wednesday, retreating from Tuesday's seven-week high of 79.461.

Source: Xinhua

In late Wednesday trading, the dollar bought 83.28 Japanese yen, unchanged from its trading late Tuesday, and the euro rose to 1. 3522 dollars from 1.3490.

The British pound rose to 1.5899 dollars from 1.5879. The dollar dropped from 0.9959 to 0.9920 against the Swiss franc, but rose to 1.0236 Canadian dollars from 1.0216.

(Editor:李佳)

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