Dollar gains vs. euro, slips vs. yen

By Chavon Sutton, staff reporter

NEW YORK ( -- The dollar was mixed Wednesday as investors soaked up strong financial results from key U.S. corporations.

The dollar was up 0.3% versus the euro to $1.3397 as investors remained nervous about the fiscal challenges facing Greece. It slid 0.3% against the U.K. pound to $1.5043 and fell 0.2% versus the Japanese yen to ¥93.065.

With no economic reports on the agenda, investors focused their attention on quarterly financial results from a slew of major corporations.

Banking names Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500) both posted significant first-quarter profits, easily beating analyst estimates. Morgan Stanley reported $1.8 billion in profits for the quarter, while Wells Fargo posted earnings of $2.5 billion.

Investors also absorbed results from a host of major corporations, including four that are components of the Dow Jones industrial average. AT&T (T, Fortune 500), McDonalds (MCD, Fortune 500) and United Technologies (UTX, Fortune 500) handily beat estimates. Boeing (BA, Fortune 500) reported a dip in both revenue and earnings due to fewer aircraft deliveries.

Corporate results have been generally strong so far, helping to push the dollar down as investors move into riskier currencies.

Still, investors remain nervous about Iceland's unstable volcano activity, the debt crisis in Greece and other threats to global economic growth. This could keep the dollar higher against the euro in the short-term.  To top of page

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