MW: Dollar slips vs. euro and yen as European shares gain
FRANKFURT (MarketWatch) -- The U.S. dollar edged lower against other major currencies on Wednesday, as European shares posted gains for the fifth time in six sessions.
The dollar slipped versus the Japanese currency to trade at 89.14 yen, down from 89.32 yen in late North American trading on Tuesday.
The European currency bought $1.4924, up from $1.4869 late Tuesday.
Currency strategists at Calyon Research Asia "continue to look for [euro/U.S. dollar] upside over the next couple of months, with a break of $1.5061 likely to provoke one of those year-end accelerations in the [U.S. dollar] weakening trend."
They said the dollar "is forecast to remain on the defensive against risk currencies, and we look for short-term gains in commodity currencies in particular against the greenback."
The dollar index (DXY 74.98, -0.39, -0.52%) , which tracks the performance of the greenback against a basket of other major currencies, fell 0.4% to 75.097.
The British pound gained 0.2% to $1.6822.
Asian stock markets were mixed, while the pan-European Dow Jones Stoxx 600 index (ST:SXXP 251.46, +1.10, +0.44%) rose 0.3% in recent trading.
On Tuesday, the dollar gained ground on the euro and other currencies, with investors taking cover in the U.S. currency after new data underscored the fragility of the economy's nascent turnaround. See Tuesday's Currencies report.
