Dollar little changed after mixed reports

By Annalyn Censky, staff reporter


NEW YORK (CNNMoney.com) -- The dollar was little changed against foreign currencies Wednesday as investors take a breather after mixed economic reports and the stock market's rally the day before.

What prices are doing: The dollar rose 0.1% against the euro to $1.2321 and lost about 0.1% on the British pound to $1.4822.

dollar_vs_euro.png
Click the chart for current foreign exchange rates.

The greenback was flat against the Japanese yen at ¥91.40.

What's moving the market: Investors were disappointed by reports that showed both new home construction and the Producer Price index, a key measure of wholesale inflation, fell in May. But good news came from the Federal Reserve, which reported industrial production climbed last month at a rate better than economists' expected.

The mixed reports, following a more than 2% rally in stock markets on Tuesday, had currency traders in a wait-and-see mode Wednesday.

What analysts are saying: Investors may be taking some of their money off of the table following yesterday's rally, but their appetite for risk is likely to rebound, pushing the euro back up to $1.25 and the pound near $1.50 later this week, said Phil Streible, a senior market strategist with futures broker Lind-Waldock. To top of page

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