12 February 2004, 11:02  Dollar near all-time lows vs euro in Europe

LONDON, Feb 12 - The dollar traded near all-time lows against the euro on Thursday, a day after U.S. Federal Reserve Chairman Alan Greenspan signalled he was in no rush to raise interest rates and was not worried about dollar weakness. Markets looked forward to a second dose of Greenspan at 1500 GMT, when he testifies before the Senate Banking Committee, but the damage to dollar bulls was already done by Wednesday's suggestion that the Fed could be patient about rate rises. Greenspan also showed no evident concern about the dollar's slide in value and pointed to benefits for the U.S. from the cheapened greenback. Together the comments suggested the market would have to wait a while longer for dollar-boosting rate rises. At 0755 GMT, the dollar traded steady versus New York's close at $1.2826 after hitting a one-month low of $1.2846 earlier in the session. It faced record lows near $1.29. The dollar held steady against the yen at 105.34 yen , but near Wednesday's three-year lows around 105.15. The European Central Bank was due to release its monthly bulletin at 0900 GMT, after voicing worries about big currency swings last month. Data due on Thursday included U.S. initial jobless claims and retail sales at 1330 GMT.//www.reuters.com

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