The US dollar’s foreign exchange rate slipped against the euro, the Japanese yen and other major currencies on Thursday to give back some of the previous day’s gains ahead of a data release on German business conditions.
The euro currency was fetching $1.3260 from $1.3246 in late North American trade Wednesday.
The US dollar held its ground against the Japanese yen USD to JPY -0.24% after strong recent appreciation, and was unchanged at ¥80.24, while the British pound GBP to USD +0.27% climbed a tad to $1.5675 from $1.5673.
Meanwhile, the cost of borrowing US dollars, UK sterling, and euros for three months in the London interbank market all fell Wednesday. Data from the British Bankers’ Association showed the three-month US dollar London Interbank Offered Rate, or Libor, was fixed at 0.49160%, down from 0.49260% Tuesday.
The spread between the three month US dollar Libor and overnight index swaps, a barometer of market stress, was unchanged at 38.2 basis points. UK sterling borrowing costs for three months declined to 1.06644% from 1.06925%, while the euro rate fell to 0.94450% from 0.95179% Tuesday.