Dollar seesaws

By Blake Ellis, staff reporter


NEW YORK (CNNMoney.com) -- The dollar was mixed against major currencies Wednesday, rising against the yen and pound but giving up gains versus the euro.

What prices are doing: The dollar fell 0.4% against the euro to $1.3654 and rose 0.1% versus the pound to $1.4976. The greenback climbed 0.6% against the yen to ¥90.51.

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Click on the chart to view other currencies.

On Tuesday, the dollar gained versus the euro and the pound, but fell versus the yen in quiet trading.

What's moving the market: The U.S. Commerce Department said wholesale inventories fell 0.2% in January, in line with expectations. The decline followed a 1% drop in the previous month.

Separately, the Labor Department said fewer states reported rising unemployment rates in January.

Meanwhile, the Treasury Department said February's deficit dropped to a record $220.9 billion, marking the 17th consecutive month the U.S. government has been in the red.

What analysts are saying: While U.S. economic data has been "somewhat disappointing" lately, Jacob Oubina, a currency strategist at Forex.com, said he expects the economy to show gradual signs of improvement.

He said he thinks the economy will outperform economies abroad in the coming year, and as a result, the Federal Reserve is likely to raise interest rates, leading to a stronger dollar.

"Overall, the U.S. is going to outperform the G-10, and this will in turn lead us to having a tighter monetary policy," he said. "I think the Fed is going to be much tighter than banks in the euro zone, Japan and the U.K., and that will be a catalyst for the dollar because interest rates will rise much higher in the U.S. than in these other countries."  To top of page

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