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Tuesday August 4, 2009 - 10:08:04 GMT
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FOREX NEWS-Euro edges down from year's high vs dlr

Tue Aug 4, 2009 5:53am EDT

* Euro hovers near year's high of $1.4445 EUR=

* Dollar index dips to 77.527 .DXY

* Sterling hits high of $1.7005 GBP=D4, 9-month high

* Aussie edges lower from 10-month highs after RBA

(Adds quote, update prices)

By Tamawa Desai

LONDON, Aug 4 (Reuters) - The euro hovered below its year's highs against the dollar on Tuesday, taking a breather from rapid gains the previous day as investors took profits on riskier assets, but underlying risk sentiment remained intact.

Better-than-expected second quarter company results, brighter manufacturing reports from the United States, Europe and China, and ongoing stimulative policy measures have boosted hopes the global economy may have bottomed out from its worst recession in decades.

That has pushed equities, oil and commodity prices higher, prompting buying of higher-yielding and commodity-linked currencies.

"We are still in a wider-risk environment, but there is a bit of a disruption to that environment with some profit-taking," said Geoffrey Yu, currency strategist at UBS.

"After a summer lull last month, people want to get into the risk trades," he said.

By 0925 GMT, the dollar was flat against a basket of currencies at 77.634 .DXY, off from a 10-month low of 77.415.

The euro was down 0.1 percent at $1.4391 after hitting a nine-month high of $1.4445 EUR= on Monday. Traders said some options with a strike price of $1.4450 were set to expire later in the day, which may be capping moves.

Technical analysts see the euro rising to $1.4720, hit in mid-December last year, and possibly pushing higher.

However, "the one potential upset is the persistently weak U.S. consumer," say analysts at Citi, which would put a cloud on the economic recovery story.

European shares were down 0.8 percent after hitting a nine-month high on Monday. U.S. crude oil futures were also off 1.4 percent and U.S. stock futures were down some 0.6 percent.

The euro was little moved after data showed euro zone producer prices fell 6.6 percent in June from the same period a year ago, or up 0.3 percent on the month. [ID:nBRQ007472]

YEN GAINS, AUSSIE GYRATES

The yen rose against the dollar and other major currencies. The dollar fell some two yen from the day's high to 94.37 yen JPY=, as selling accelerated after stop-losses were hit at 94.50 yen. It was last down 0.5 percent at 94.71 yen.

The euro also lost 0.8 percent to 136.20 yen EURJPY=R after earlier rising as high as 137.71 yen.

Sterling touched a new nine-month high of $1.7005 GBP=D4 earlier in the session after rising more than two cents against the dollar the previous day, before paring gains.

The Australian dollar relinquished gains made after the Reserve Bank of Australia left interest rates unchanged as expected but dropped its easing bias, backing expectations for a rate hike by the end of the year.

The Australian dollar was down 0.1 percent from late U.S. trade at $0.8402 AUD=D4 after rising to $0.8471 on the Reuters dealing system, the highest since late September.

"The end of the Aussie bull run will happen when the RBA actually raises rates, as investors take their money off the Aussie and on currencies where rates will rise next," said Neil Jones, head of European hedge fund sales at Mizuho in London.

The New Zealand dollar rose to $0.6712, its highest in 10 months NZD=D4. (Editing by Andy Bruce)

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