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Dollar falls on ECB interest rate hike concern

04-07-2011 10:16 BJT

NEW YORK, April 6 (Xinhua) -- The U.S. dollar fell against major currencies in late New York trading on Wednesday as the European Central Bank (ECB) is expected to raise interest rate soon.

The ECB is scheduled to meet this Thursday to discuss its monetary policies. It is widely expected that the central bank would decide to raise its target rate by 0.25 percent to 1.25 percent then.

The euro was lifted to as high as 1.4349 in Wednesday's trading session, the highest level since January 2010.

Also, data from Germany on Wednesday fueled up the euro's momentum. The German factory orders rose 2.4 percent in February, which was higher than expected, and the January data were revised higher as well.

The dollar index, a measure of its overall performance against a basket of six major currencies, declined to 75.522 in late Wednesday from 75.883 in late Tuesday.

However, the dollar gained against the Japanese yen as the Bank of Japan began a two-day policy meeting amid the country's ongoing nuclear crisis.

In late Wednesday trading, the dollar bought 85.47 yen, comparing with 84.82 late Tuesday, and the euro rose to 1.4336 dollars from 1.4220.

The British pound also rose to 1.6332 dollars from 1.6283. The dollar fell from 0.9260 to 0.9192 against Swiss francs, and also fell to 0.9593 Canadian dollars from 0.9633.

Editor:Yang Jie |Source: Xinhua

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