Dollar falls against rivals
Afp, London
The dollar slipped Tuesday against the euro and yen on profit-taking but remained supported by expectations of further hikes to US interest rates, dealers said. The euro rose to 1.2003 dollars in early European trading from 1.1964 dollars in New York late on Monday. The dollar fell to 117.66 yen, from 119.02 yen on Monday. "There has been little in the way of economic data to drive foreign exchange rates thus ensuring that the positive dollar sentiment after Friday's employment report in the US has been maintained." The market believes that last week's solid US jobs data indicates at least one more US rate hike before the Federal Reserve considers a pause to monetary tightening. "The dollar remained firm against major currencies, supported by growing expectations of further interest rate hikes in the US," Nobuaki Kubo, a currency watcher at Resona Bank, said Tuesday. New Federal Reserve chairman Ben Bernanke was sworn in overnight but made no mention of the current state of the economy in his brief acceptance speech.
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