Dollar Slips, Taking Breather From Rally Wednesday March 30, 5:41 am ET
Dollar Takes Breather From Rally, Slips Against Euro, British Pound, Japanese Yen
BERLIN (AP) -- The dollar fell against other major currencies Wednesday. The euro bought $1.2953 in European trading, up from $1.2918 in New York late Tuesday. The British pound rose to $1.8818 from $1.8742.
The dollar also fell against the Japanese yen, dropping to 107.44 yen. It bought 107.56 yen late Tuesday.
The U.S. currency has taken a breather from its rally last week as trading picked up after the Easter holiday.
Worries about the wide U.S. trade and budget deficits sent the euro surging to an all-time high of $1.3667 at the end of December.
While those concerns remain, the dollar has stabilized this year. It enjoyed a rebound last week after the U.S. Federal Reserve boosted interest rates by a quarter-point and issued a hawkish statement on stronger inflationary pressures.
The Fed is expected to raise rates further throughout the year. Higher U.S. interest rates tend to help the dollar by making assets denominated in the currency more attractive to investors.
The yen has been hit this week by disappointing Japanese economic data that have sparked pessimism in the country's economy. The dollar rose against the currency Tuesday before falling back Wednesday.
Market Data 
Markets 
AI
