U.S. dollar falls after hitting 11-year peak

March 4, 2015 11:30 am 

NEW YORK, March 4 — The U.S. dollar eased on Tuesday after touching its highest level in more than 11 years against several major peers.

The dollar index, which measures the greenback against six major currencies, hit the level of 95.570 last seen in September 2003 during the morning session.

With no major data came out of the country, U.S. dollar was later under pressure as a leading Japanese economic official said the dollar could not sustain more gains.

Etsuro Honda, an economic adviser for Japanese Prime Minister Shinzo Abe, told the Wall Street Journal that the dollar's strength against the yen might be at a "kind of upper limit in the exchange rate's comfort zone." The greenback decreased 0.34 percent against the Japanese yen following the remarks. The dollar index was down 0.12 percent at 95.347 in late trading.

Meanwhile, investors were awaiting the closely-watched U.S. non-farm payroll report due out Friday to get a more comprehensive view of the recovery of the country's labor market.

Moreover, officials of the European Central Bank will discuss details of its 1.1 trillion euro bond-buying program on Thursday, which analysts said may lift the euro afterwards.

In late New York trading, the euro went down to USD1.1178 from USD1.1188 in the previous session, and the British pound increased to USD1.5366 from USD1.5365. The Australian dollar rose to USD0.7822 from USD0.7769.

The U.S. dollar bought 119.69 Japanese yen, lower than 120.15 yen of the previous session. The greenback edged up to 0.9611 Swiss franc from 0.9596 Swiss franc, and slipped to 1.2487 Canadian dollars from 1.2540 Canadian dollars. (PNA/Xinhua)

FFC/EBP

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