05 October 2011

Currencies: U.S. dollar edges up versus euro

Currencies: U.S. dollar edges up versus euro: The U.S. dollar reclaims ground from the euro as weak economic data saps a rebound triggered the previous day by signs European leaders were set to take action to backstop euro-zone banks.

The euro EURUSD -0.02% slipped to $1.3294 from $1.3337 in North American trade late Tuesday.

Bernanke at congressional hearing

Federal Reserve Chairman Ben Bernanke testified before the Joint Economic Committee today in Washington. He called on Congress and the White House to do more.

Final purchasing managers index readings for September confirmed a contraction in private-sector activity in the euro zone. Read Market Pulse on euro-zone PMI data.

And August retail sales figures for the euro area showed a steeper-than-expected 0.3% decline. Read Market Pulse on retail sales.

The euro, which has fallen sharply in recent weeks as concerns about the sovereign debt crisis have intensified, rebounded late Tuesday after a news report said European Union finance ministers were weighing ways to coordinate the recapitalization of the region’s banks.

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