(RTTNews) - During early North American trading on Tuesday, the U.S. dollar exhibited mixed trading against other major currencies. The dollar slipped to a 4-day low against the Swiss franc, but it recovered recent losses against the yen. Meanwhile, the U.S. dollar pared recent gains versus the euro and eased from a 12-day high against the pound.
Fed Chairman Ben Bernanke stated he did not expect to see a double-dip recession. In response to the disappointing jobs report Friday, Bernanke said the recovery was likely to go proceed unevenly, leaving unemployment near double digits even with robust economic growth.
Rising up from a low of 91.24 hit at 5:05 am ET, the dollar rose to 91.70 against the yen at 8:20 am ET. At present, the dollar-yen pair is trading at 91.60 and this value may be compared to previous day's closing quote of 91.35.
Japan's current account, trade balance, corporate bankruptices and the leading index reports released today likely influenced the yen.
The dollar which rose to a 12-day high of 1.4376 against the currency of U.K reversed its direction thereafter. The dollar, which was worth 1.4472 against the pound at yesterday's close, is now trading at 1.4388.
The pound plunged against other major currencies in early European deals on Tuesday as Fitch Ratings said Britain's deficit challenge is "formidable."
Fitch said today that the scale of the UK's fiscal challenge is formidable and warrants a strong medium term consolidation strategy - including a faster pace of deficit reduction than set out in the April 2010 Budget.
The dollar-franc pair is now trading at a 4-day low of 1.1552 and this may be compared to yesterday's close of 1.1639.
The dollar pared its recent gains against the common currency of Europe during early North American session on Tuesday. Currently, the dollar is trading at 1.1941 against the euro, down from 1.1904 hit at 5:20 am ET.
In economic news, Germany recorded a trade surplus of EUR 13.4 billion in April, the Federal Statistical Office said today. This follows a EUR 16.9 billion trade surplus in March. Economists had forecast a trade surplus of EUR 15 billion.
Separately, German's Industrial output grew 0.9% in April from the previous month, data released by the Federal Ministry of Economics and Technology showed today. April's growth was bigger than the expected 0.7%, but considerably smaller than the revised 4.3% growth seen in March.
From the U.S., the ABC consumer confidence data for the week ended June 6 is slated for release at 5:00 pm ET.
