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Dollar Loses Ground To Sterling, Euro; Gains On Yen []
The U.S. dollar generally declined during Wednesday's trading. The greenback slipped in trading with the pound and euro, while it gained on the yen. The day's move followed the release of economic data from the U.S.The greenback slid in trading with the euro. The buck saw its sharpest decline occur after the open on Wall Street. The buck touched a daily high of 1.3177 at 8:30 am ET with the release of U.S. economic data. The dollar slid in the morning and touched a two-week low of 1.3245 at 11:00 am ET. The greenback gained a little on the euro mid-day in New York, and by 4:00 pm ET, the pair traded around 1.3224.After early choppy trading in New York, the dollar slid in trading with the British pound. The greenback touched a weekly high of 1.9232 at 8:30 am on the release of the economic data from the U.S. The dollar dropped sharply as the morning progressed, losing a little momentum in the afternoon. Shortly before 4:00 pm ET, the dollar touched a two-day low against the pound of 1.9374.The U.S. dollar gained on the Japanese yen for most of Wednesday's trading in New York. The buck touched a weekly low of 115.76 shortly before 3:00 am ET, but climbed from then on out. There was a slight dip around 12:00 pm ET, but it did not last long. The dollar continued to advance into the mid-afternoon, and shortly before 4:00 pm ET, the dollar touched a daily high of 117.11 against the yen.Early trading came amid the release of two key economic reports. At 8:30 am ET, the Department of Labor released its report on import and export prices in the month of February, showing that import prices rose 0.2 percent in February after falling 0.9 percent in January. The increase was largely due to a rebound in the prices of petroleum imports, which rose 2.0 percent in February after falling 5.3 percent in the previous month. Also at 8:30 am ET, it was reported that the current account deficit which narrowed in the fourth quarter to $195.8 billion from the $225.6 billion deficit seen in the previous quarter.
