TOKYO (AP) -- The dollar slipped against major currencies in Asian trading Wednesday morning amid its weakness against the Japanese yen.
The dollar bought 102.44 yen on the Tokyo foreign exchange market at 11 a.m. Wednesday, down 0.17 yen from late Tuesday but above the 102.31 yen it bought in New York overnight.
The euro rose to $1.3030 Wednesday morning in Tokyo from $1.3009 late Tuesday.
The dollar strengthened against the yen in New York Tuesday after a report from the Treasury Department showed November's investment inflows to the U.S. amply covered the record trade deficit reported for that month. But the U.S. currency weakened later due to selling by speculators.
Early Wednesday, the dollar was lower against the South Korean won and Singapore dollar. It bought 1,035.3 won, down from 1,035.9 won late Tuesday, and traded at S$1.6339 Singapore dollars from S$1.6358.
In other regional currencies, the Hong Kong dollar and the Taiwanese dollar also gained against the greenback.
Federal Reserve Bank of Philadelphia President Anthony Santomero told reporters on Tuesday that he doesn't see the sliding dollar against its major rivals "as a crisis or concern at this point."
He added that "the U.S. economy is likely to continue to be a place where capital allocation continues from abroad to the U.S."
Higher interest rates and optimism about an economy both tend to boost that nation's currency.
In Tuesday trading, the British pound was lower at $1.8667 from $1.8706 late Friday. The dollar bought 102.29 Japanese yen, up from 101.91 late Friday. Earlier Friday, the dollar had hit a five-year low of 101.81 yen. The dollar also was stronger at 1.1850 Swiss francs from 1.1809, and 1.2223 Canadian dollars from 1.2162.
The dollar plummeted last year against the euro, which shot up from around $1.20 in September to hit a new all-time high of $1.3667 at the end of December, driven by fears over the ever-widening U.S. trade and budget deficits.