By Sarah Turner, MarketWatch
SYDNEY (MarketWatch) — The dollar edged lower against major rivals on Wednesday, as investors took some comfort from positive signals for the upcoming U.S earnings season.
The ICE dollar index DXY -0.13% , which measures the greenback against a basket of six currencies, traded at 79.83, just down from 79.875 reached in late North American trading on Tuesday.
The safe-haven dollar dipped as “Asian stocks recovered off their lows, prompting a modest bias toward U.S. dollar underperformance,” said Sue Trinh, currency strategist at RBC Capital Markets.
Alcoa Inc.’s AA -2.92% unexpected first-quarter profit marked a positive start to the first-quarter earnings season when released after the bell,” she added.
U.S. stock futures were higher in Asia trading hours, pointing to a bit of a rebound after a stocks put in their worst one-day performance so far this year on Tuesday.
The dollar gained Tuesday against most major rivals as Spanish and Italian bond yields rose in a reflection of heightened concerns about Europe’s ability to grapple with its debt crisis.
The euro EURUSD +0.16% reached $1.3091 on Wednesday, from $1.3078 in late North American trading Tuesday.
The British pound GBPUSD +0.19% traded at $1.5877, up from $1.5869 in late trading Tuesday.
The dollar USDJPY +0.24% bought 80.74 yen, from ÂĄ80.72 in late trading Tuesday.
The Japanese yen was supported Tuesday by a Bank of Japan decision to stand pat on interest rates and asset buying.
Sarah Turner is MarketWatch's bureau chief in Sydney.
