25 January 2006, 11:25  he US dollar gave up gains it had made earlier in the Asian session

The US dollar gave up gains it had made earlier in the Asian session and drifted lower in afternoon trading here, with the market still unconvinced that the dollar's near-term prospects have improved, dealers said At 3.16 pm (0716 GMT) here, the dollar was at 115.04 yen, down from 115.12 yen nearly four hours earlier in Tokyo. The euro was at 1.2269 usd, up from 1.2260 usd in Tokyo The dollar rose early in the Asian session, with the initial lift provided by hopes that geopolitical risks may be easing and by a pullback in crude oil prices from recent peaks But late profit-taking drove the dollar back down in afternoon trading, with the selling apparently sparked by short-covering in yen cross currency pairs, dealers said

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