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The dollar fell against the euro and yen on Tuesday, dipping below key technical levels after Federal Reserve Chairman Ben Bernanke said the ailing U.S. housing sector may remain a drag on economic growth.
The dollar declined broadly as the U.S. currency failed to extend gains after last week's robust jobs data, while demand for currencies linked to rising interest rates strengthened.
The dollar rose to a seven-week high against the euro, on track for a fifth consecutive week of gains, as strong U.S. jobs and manufacturing data damped expectations of a Federal Reserve interest rate cut this year.
The dollar touched a three-month peak against the yen after a strong report on business activity in the U.S. Midwest, but it failed to sustain gains before key payrolls data due on Friday.
The dollar rose to a seven-week high against the euro as minutes from the Federal Reserve's last meeting reiterated policy-makers' view that inflation remains a top concern.
The dollar edged lower against the yen after China said it would raise a stamp duty on stocks in an attempt to cool its equity markets, prompting concerns about risky trades financed by borrowing in the Japanese currency.
The U.S. dollar hovered near a six-week high against the euro and its strongest versus the yen in three months on Monday as traders determined that weak U.S. housing data late last week was not enough to warrant a cut in U.S. interest rates later in the year.
The dollar eased against the euro after a surprisingly weak report on existing home sales rekindled worries that a downturn in the U.S. housing sector may have further room to run.
The dollar rose after a report showed that U.S. new home sales rose more than expected in April, reinforcing a view that the Federal Reserve may not have to cut interest rates this year.
The dollar fell after minutes from a Bank of England policy meeting and strong data on euro-zone industrial orders suggested interest rates in Europe could rise more than previously thought.
The dollar traded near six-week highs against the euro and a three-month peak versus the yen as traders continued to pare back expectations of a Federal Reserve interest rate cut this year.
The dollar hit a five-week high against the euro and a three-month peak versus the yen as investors further trimmed bearish bets on the greenback amid a growing view the Federal Reserve may not cut interest rates this year.
The dollar hit a five-week high as investors pared back aggressive bets against the currency after limited reaction to China's move on the yuan and rates last week shifted focus to U.S. economic fundamentals.
Kuwait unshackled its dinar from the tumbling U.S. dollar on Sunday and switched the exchange rate mechanism to a basket of currencies, throwing plans for currency union with other Gulf Arab oil producers into disarray.
Group of Eight finance ministers did not discuss currencies and gave no surprises at their weekend talks, leaving financial markets on Monday to take cues from swings in investor risk appetite from Chinese stocks.
The U.S. dollar held around a three-month high against the yen after a regional survey showed an unexpectedly large rise in U.S. business activity, backing a view that interest rates will stay on hold for some time.
The dollar rebounded from a one-week low against the euro and rose to a three-month high against the yen with help from housing and industrial production data that added little to U.S. inflation concerns.
The dollar fell across the board on Tuesday after a report suggested U.S. inflation was well contained in April, backing a view that the Federal Reserve will likely cut interest rates later this year.
The dollar edged lower against the euro, ahead of U.S. inflation data and a series of speeches from Federal Reserve officials that could yield clues on whether a cut in U.S. interest rates is likely this year.
The dollar slipped against the euro, weighed down by a surprising decline in U.S. retail sales and benign core producer prices, which bolstered the view that the economy is losing momentum.