LONDON (AFP) - The dollar fell against the euro and yen on Wednesday as traders awaited the release of US economic output and private jobs data.
The euro was boosted by the European Central Bank announcement on Wednesday that it had lent eurozone banks a little more than 75 billion euros (110 billion dollars) for one year aimed at boosting the economy, analysts said.
The European single currency climbed to 1.4637 dollars from 1.4581 dollars late in New York on Tuesday.
Against the Japanese currency, the dollar fell to 89.47 yen from 90.10 yen on Tuesday.
"The dollar's downward trend which has been in place since March, still remains intact, but there are signs that it is beginning to stabilise against other major currencies," said Lee Hardman, economist at The Bank of Tokyo-Mitsubishi UFJ.
"The trend has reflected an unfavourable decline in safe-haven dollar demand combined with an increase in dollar supply.
"Improved financial market stability and evidence of a recovery in global growth have led to a reversal of the post-crisis panic-driven dollar supportive demand for short-term US government debt," he added in a note to clients.
The US government publishes the final estimate for American second-quarter growth on Wednesday at 1230 GMT. The United States remains mired in recession, unlike France, Germany and Japan which have each returned to positive growth.
Wednesday also sees publication of US jobs data in the private sector.
In Asian trading, the yen rose as Japanese exporters repatriated earnings, with many dealers waiting on the sidelines ahead of a raft of economic data.
The dollar had rebounded against the Japanese currency on Tuesday after Japan's Finance Minister Hirohisa Fujii said the yen's recent rise was "a bit too rapid" and Tokyo did not rule out currency intervention "in an abnormal situation."
His remarks came after the yen had hit an eight-month high point of 88.25 per dollar on Monday as traders bet the new government would refrain from taking action to curb the currency's rise.
In London on Wednesday, the euro was changing hands at 1.4637 dollars against 1.4581 dollars late on Tuesday, at 130.96 yen (131.40), 0.9097 pounds (0.9137) and 1.5092 Swiss francs (1.5111).
The dollar stood at 89.47 yen (90.10) and 1.0310 Swiss francs (1.0362).
The pound was at 1.6090 dollars (1.5956).
On the London Bullion Market, the price of gold jumped to 1,000.17 dollars an ounce from 989.50 dollars an ounce late on Tuesday.
65.29 (0.57%)
