US Dollar Foreign Exchange


US dollar foreign exchange rate slips against euro and Japanese yen

Published on February 23, 2012 by   ·   No Comments

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.

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