Markets

Dollar slips against euro, gains on yen

NEW YORK : The dollar slid against the euro on Tuesday, but gained against the Japanese yen and the Swiss franc after t

Published June 14, 2011 Updated June 14, 2011 09:43pm

1 min

By Imad Uddin

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The dollar fell to $1.4440 against the euro in New York trading at 2100 GMT, compared to $1.4413 on Monday, as the common European currency was boosted by fresh hopes for a new solution to Greece's debt crisis.

However the dollar strengthened against the yen, rising to 80.45 yen, from 80.21 on Monday. It also rose against the Swiss franc, reaching 0.8454 francs to the dollar, up from 0.8372 on Monday.

The greenback weakened against the British pound, trading for 1.6368 dollars to the pound, compared to 1.6375 on Monday.

The dollar's mixed results came after the release of economic data showing that US retail sales fell 0.2 percent from April to May, a less steep drop than the consensus estimate of 0.7 percent.

"The first of the major US economic releases of the week (retail sales) beat expectations. It's just a tiny ray of light but if confirmed, sentiment could be on the turn," said Kit Juckes, an analyst with Societe Generale.

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