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The dollar was stuck in the mud on Wednesday, unable to move away from its recent yearly lows even as a key prelude to the monthly jobs report suggested lingering weakness in the labor market.
It was a quiet day for stocks on Wall Street, which have been rising on days the dollar weakens. With few wanting to get ahead of the government jobs data due for release on Friday, there was also little movement in currency trading.
On the jobs front, private sector employment continued to decrease in the month of November, according to a report released by ADP, although the report showed a continued slowdown in the pace of job losses.
The bigger than expected drop in employment shown by the ADP report may raise some concerns about the outlook for the Labor Department's upcoming employment report.
The dollar was stable versus the yen, fetching Y87.35 days after hitting a 1995 low of Y84.80. The yen has tailed off since Monday, when Japanese policymakers voted unanimously to offer about 10 trillion yen ($115.8 billion) in short-term loans to commercial banks and retained the key rate at near zero.
The buck firmed up very slightly versus the euro, improving to 1.5035 after testing November's 16-month low of 1.5143 on Tuesday.
Easing concerns about the exposure of UK banks to Dubai's debt crisis weighed on the buck versus the resurgent sterling. The dollar slipped to a weekly low near 1.6700 before heading sideways.
There was little reaction this afternoon to the Fed's beige book, which reported that the weak US economy is slowly improving and inflation risks remain subdued.
In economic news from across the Atlantic, Eurozone producer prices surprisingly rebounded 0.2% on the month in October, leaving the annual change at -6.7%, compared to -7.6% in September.
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