Wednesday, September 24, 2008

US dollar reverses early Asian session losses against majors, Wednesday, September 24, 2008 1:13:14 AM

During early deals on Wednesday, the US dollar reversed its early Asian session losses against its major counterparts.

Against the European currency, the US dollar gained ground after hitting a low of 1.4710 at 8:10 pm Eastern Time Tuesday. The dollar is currently trading at 1.4668 against the euro, compared to 1.4652 hit late New York yesterday.

The US dollar touched a low of 1.8589 against the British pound at 8:10 pm ET Tuesday. Thereafter, the dollar reversed its direction and is currently trading at 1.8533, compared to yesterday`s close of 1.8525.

The US currency that closed Tuesday`s North American session at 1.0865 against the Swiss franc edged down to 1.0834 during early Asian deals on Wednesday. Thereafter, the dollar-franc pair gained ground and reached 1.0882 at 12:45 am ET.

Against the Japanese yen, the US dollar slipped to 105.37 before gaining ground at 9:00 pm ET Tuesday. The dollar-yen pair that closed yesterday`s New York deals at 105.56 is now worth 105.80.

An index that measures Japanese all-industry business conditions in Q3 was down 10.2 percent compared to the previous quarter, the Ministry of Finance said today in its business survey index. That was higher than the -15.2 percent quarterly decline in Q2.

Traders in Europe await the release of the German IFO business conditions survey report for September, the Euro-Zone current account balance data for July and the Italian retail sales report for July.

The economic reports scheduled for release in the U.S. include existing home sales for August and MBA mortgage applications for September. Additionally, investors may focus on Fed Chairman Ben Bernanke`s testimony at Congress` joint economic committee.


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