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The dollar steadied versus other major currencies on Wednesday after dropping to a yearly low against the euro in the previous session.
Traders have flocked to the higher-yielding euro amid expectations that the global economy is on the mend.
In economic news from across the Atlantic, consumer confidence in the UK improved further in August, reflecting an increase in consumer's assessment of their present situation, willingness to spend and the outlook for future months.
The dollar was uncertain in choppy dealing versus the sterling, holding near 1.6500 after hitting a nearly 3-week low of 1.6586 during the previous session. On a longer term basis, the pair is little changed over the course of the summer.
The dollar held its ground versus the euro, staying near 1.4500. The buck has been moving steadily lower of late, and fell to a 2009 low of 1.4534 on Tuesday.
Against the yen, the dollar managed to pare some of its recent losses, improving to 92.50. On Tuesday, the buck tested a multi-month low below 92.
Wednesday, Bank of Japan board member Miyako Suda said the need for extraordinary measures is diminishing as corporate financing conditions improved recently.
Economic conditions in Japan improved in July and the economy is moving towards a positive direction, the Cabinet Office's business conditions indexes suggested Wednesday.
The dollar gained a bit on the loonie as the price of oil slipped back toward $70. The dollar rose to C$1.0826, staying away from a yearly low of C$1.0630, which was tested yesterday.
Today's Beige Book report from the Federal Reserve and Friday's Reuters/University of Michigan consumer sentiment index are among the only significant data due to be released from the US during the week.
The Beige Book is expected to echo the recent optimism that has been evident in most recent economic reports.
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