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The dollar fell sharply versus the euro and sterling Thursday morning on the final day of 2009, as overnight gains in stocks fueled increased appetite for higher-yielding currencies. Traders trimmed their positions in the dollar following a strong recent run-up in the value of the greenback.
2009 was rocky for the dollar, which was strong for the first quarter of the year as the global economic recovery struggled to take hold. From March to December, however, the dollar was on the back foot, particularly against the euro, hurt by speculation that the interest rate gap between the US and other nations would widen as conditions stabilized.
December has seen the dollar pare a fraction of those losses amid concerns about the debt situation in Europe and indications the Federal Reserve is preparing to unwind support measures.
Today, the dollar was mostly weaker, especially versus the sterling. The buck slipped to 1.6230 against its UK counterpart, pulling back from a 2 1/2 month high of 1.5831.
The dollar also weakened versus the euro, easing to 1.4400. Last week, the dollar hit a 3-month high near 1.4200 before leveling off.
At the same time, the dollar held onto its recent gains versus the yen, hovering near a 4-month high of 92.75. The buck has soared since hitting a 1995 low of 84.80 about a month ago.
On the economic front, traders might focus on the weekly jobless claims report for the week ended December 26, slated for release by the Labor Department at 8.30 a.m. ET. Economists expect that the jobless claims rise marginally to 465,000.
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