The U.S. dollar gained against the yen and euro on Tuesday after American banks Goldman Sachs and Lehman Brothers reported stronger than expected profits for their latest quarters.
Goldman Sachs, the largest U.S. securities firm by market value, reported a smaller than estimated first quarter profit drop of 53 percent. Lehman Brothers, the fourth largest securities firm reported a weak first quarter profit which nonetheless topped expectations. Goldman shares jumped 19.6 percent at 11:36 a.m. while Lehman was up 39.1 percent
The dollar was still ahead for the day but lost some of its earlier gains versus the euro. The U.S. currency was trading at $1.5761 per euro at 11:31 a.m. compared to $1.5742 late Monday. Earlier today the dollar traded as high as $1.5768.
The dollar also rose to 98.32 yen compared to 97.33 late yesterday when it reached a 12 Â½ year low versus the yen.