By Cornelius Luca
New York, March 14 (BridgeNews)
The greenback had a mixed performance overnight, advancing versus the Japanese yen and Canadian dollar while reversing gains versus the major European currencies. The euro reversed losses after falling to a 16-day low of 90.78 cents to the dollar, while the dollar turned around from a two-day low of 119.31 yen. Due to a light domestic event agenda, traders will look for cues to the U.S. equity markets.
* * * Sterling/dollar and dollar/Canada swerved into positive territory from a two-week low of 1.4442 and a one-week low of 1.5417, respectively, while dollar/Swiss franc fell from a 19-day high of 1.6948. Euro/yen climbed back into positive territory from a 13-day low of 108.40.
Japanese Finance Minister Kiichi Miyazawa said that he doesn't endorse weakening the yen as a tool to cope with deflationary pressures as he adhered to the Group of Seven's policy that foreign exchange levels should reflect economic fundamentals. He also said that he "didn't get the impression that the U.S.
Treasury Secretary (Paul O'Neill) had much of an opinion" on the level of the yen.
The outlook for both the euro/dollar and dollar/yen are slightly bullish on a day when the domestic stocks are expected to resume losses.

Current Previous Change Global Global
NY open NY close low high
USD/JPY 120.00 119.67 0.33 119.31 120.23
EUR/USD 0.9170 0.9150 0.0020 0.9078 0.9172
EUR/JPY 110.06 109.50 0.56 108.40 110.08
GBP/USD 1.4531 1.4493 0.0038 1.4442 1.4540
USD/CHF 1.6783 1.6824 -0.0041 1.6780 1.6948
USD/CAD 1.5471 1.5434 0.0037 1.5417 1.5475
AUD/USD 0.5001 0.5028 -0.0027 0.4989 0.5045
NZD/USD 0.4173 0.4165 0.0008 0.4162 0.4193
SP.1 1718.00 -65.00 1718.00 1805.00
ND.1 1741.50 -65.00 1741.50 1827.50