RTTNews - The euro turned lower versus major rivals on Tuesday in New York after cautious testimony from Federal Reserve Chairman Ben Bernanke drove traders away from riskier currencies.
Beginning his regular semi-annual update to Congress, Bernanke warned that the economy is still in a fragile state, with unemployment high and consumer spending shaky.
He noted that the Fed will likely keep interest rates low for an extended period.
There was no major economic news from the Eurozone on the calendar. Eurozone industrial data and a French consumer spending report is on tomorrow's schedule.
The euro backed off of a six-week high in trading with the U.S. dollar. The European currency reached as high as 1.4276 in the early morning before retreating near 1.4180 in the early afternoon.
The European currency turned lower after hitting an eight-day high of 0.8671 against the pound. The pair moved near 0.8640 in the early afternoon.
U.K.'s public sector net borrowing was GBP 13 billion in June, up GBP 5.5 billion from a net borrowing of GBP 7.5 billion recorded last year, the Office for National Statistics said Tuesday.
The euro fell to a four-day low against the yen, moving near 132.40. Earlier in the week, the euro had reached 134.75, its best level since July 1.
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