The dollar bounced back against the euro on Tuesday morning in New York and was close to its overnight levels. The greenback began to slip in the early morning, gradually gaining further downward momentum. Shortly after 8 am Eastern Time, the dollar hit its lowest level since mid-May, when it fell to 1.3554. The greenback bounced back later, starting at around 8:30 a.m. and climbed back to 1.3510 by 10:30 a.m. ET. The move took place amid optimistic comments from Federal Reserve chief Ben Bernanke.
The greenback also rebounded in trading with the pound on Tuesday morning in New York after hitting a monthly low earlier in the day. Shortly after 8 am Eastern time, the dollar slipped to its lowest level against the pound since the beginning of May when it hit 1.9966. The dollar moved off the low throughout the mid-morning, reaching 1.9913 at 10:15 a.m. ET. Trading took place following the overnight release of services PMI data from the UK.
The dollar rallied against the yen in New York on Tuesday as well. The greenback moved off a daily high of 121.91 that it saw against the yen at 2 am Eastern Time. The greenback then began to slip in trading with its Japanese counterpart. By 9 am Eastern Time the buck fell to 121.19, its lowest level against the yen in a week-and-a-half. The buck bounced back, though, and reached as high as 121.74 at 10:30 a.m. ET.
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