The US dollar pared its Wednesday's early Asian session gains against the European currency, the British pound and the Swiss franc. The dollar thus eased from a 12-day high against the euro. On the other hand, the greenback showed strength against the Japanese yen.
Against the European currency, the US dollar lost ground after hitting a 12-day high of 1.2540 during early Asian deals on Tuesday. At 10:55 pm ET, the dollar touched a low of 1.2640 against the euro, compared to 1.2579 hit late New York Monday. The euro-dollar pair is currently trading at 1.2621 with 1.29 seen as the next target level.
The US dollar that closed Monday's North American session at 1.4057 against the British pound, climbed to 1.3996 during Tuesday's early Asian deals. Thereafter, the dollar reversed its direction and was quoted at 1.4091 against the pound at 11:45 pm ET. The next downside target level for the greenback is seen around 1.43.
Against the Swiss franc, the US dollar touched 1.1720 at 10:55 pm ET, moving down from an early Asian session high of 1.1784. If the dollar-franc pair falls further, 1.159 is seen as the next target level. The pair that closed Monday's New York deals at 1.1755 is currently quoted at 1.1731.
The US dollar traded higher against the Japanese yen during today's early deals. At 11:05 pm ET, the dollar-yen pair reached a high of 97.62, compared to Monday's closing value of 97.49. On the upside, 99.1 is seen as the next target level for the dollar.
Japan's monetary base was up 6.4 percent on year in February, the Bank of Japan said today, standing at 93.653 trillion yen. That follows a 3.9 percent annual advance in January to 93.504 trillion yen.
Switzerland's fourth quarter GDP and the UK February construction PMI reports are expected in the European session today.
Turning to the US, Atlanta Federal Reserve Bank President Dennis Lockhart is scheduled to speak about the U.S. economy on a panel in Tampa, Florida at 8 AM ET.
Data on Pending Home Sales, which is a leading indicator of housing market activity released by the National Association of Realtors, is due out at 10 AM ET. The index is likely to show a 3% decline for January.
The pending home sales index rose 6.3% to 87.7 in December compared to November. On a year-over-year basis, the index was up 2%.
For comments and feedback: contact firstname.lastname@example.org
Copyright(c) 2009 RealTimeTraders.com, Inc. All Rights Reserved
News are provided by InstaForex in partnership with RTT.