The dollar languished at three-week lows against a basket of major currencies on Wednesday, having broken decisively lower as the yen squeezed higher and even the euro gained a tailwind. Traders said the moves were sparked in part by comments from the Bank of Japan on Tuesday that dismissed any need for additional stimulus. Recent remarks from European Central Bank officials have also suggested no urgency for any immediate policy action. All that caught the market long of U.S. dollars and very short of yen, knocking the dollar index down 0.6 percent to a low of 79.762. The dollar skidded more than 1 percent against the yen in its biggest one-day fall in over seven months to 101.55. It has since drifted back up to 101.91. The euro climbed as far as $1.3812, pulling further away from Fridays trough of $1.3672. Even the Australian dollar broke through tough resistance at $0.9310 to reach $0.9368, a high not seen since November. Reuters EURUSD 1.3787 GBPUSD 1.6742 AUDUSD 0.9348 NZDUSD 0.8668 USDJPY 101.97 USDCHF 0.8842 (Bid Price 0048GMT)
Posted on: Wed, 09 Apr 2014 00:48:23 +0000
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