The dollar was mixed Wednesday in New York, falling away from a monthly high against the euro, while advancing to a fresh three-week high against the pound. Against the yen, the dollar declined, falling to a new three-week low.
Earnings were once again the spotlight in the U.S., with a batch of largely disappointing figures from airplane maker Boeing (BA) and financial services firm Morgan Stanley (MS), while fast-food giant McDonald's (MCD) provided traders with some silver lining on the day.
Meanwhile, on the economic front, Mortgage Bankers Association said mortgage applications rose moderately last week due to an uptick in refinance applications. As mortgage rates are continuing to decline, refinancing has continued to boom in recent months.
The greenback slipped against the euro, posting a multi-day low of 1.3034 in early dealing. The move came after the greenback hit a monthly high of 1.2887 on Monday.
The dollar-euro pair has seen choppy movement in recent months as economic prospects in both the U.S. and Eurozone remain murky amid mixed economic data.
Against the pound, the dollar showed considerable strength, rising to its highest level in nearly three weeks with a quote of 1.4397. Late last week, the dollar hit its lowest level since mid-January against the sterling, posting a quote of 1.5070.
Wednesday, the minutes of the Monetary Policy Committee meeting of the Bank of England held on April 8 and 9 showed that policymakers voted unanimously to hold the Bank Rate at a historical low of 0.5 percent.
The minutes also revealed that all the nine members of the MPC stood united while deciding to continue with the initial asset purchase plan worth GBP 75 billion.
Also, the jobless rate in the U.K. was reported at 6.7 percent for the three months to February 2009, up from revised 6.1 percent in the previous quarter, the Office for National Statistics said Wednesday. The figure was in line with economists' expectations, but was the highest in the U.K. since 1997.
The greenback moved lower against the yen, posting a fresh three week low of 97.56. Overall, the dollar has largely leveled off since hitting a 3-month high of 101.43 yen on April 6th.
Data from the export giant on Wednesday showed that the balance for fiscal 2008 suffered its first annual deficit in nearly three decades. The Ministry of Finance said Japanese exports plunged a record 16.4 percent to Y71.14 trillion during the fiscal year ended in March.
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