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Friday September 18, 2009 - 10:56:25 GMT
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FOREX NEWS-Dollar rises broadly, off 1-yr low vs euro

Fri Sep 18, 2009 6:36am EDT

* Euro off 1-year highs; Aussie, kiwi fall

* Waning risk appetite helps dollar's safe-haven appeal

* Dollar hits day's high vs yen after Japan Fujii's comments

* GBP dips, source says Lloyds' asset scheme exit hindered

(Updates throughout)

By Emelia Sithole-Matarise

LONDON, Sept 18 (Reuters) - The dollar rose against most major currencies on Friday, clawing off a one-year low against the euro as waning risk appetite cut demand for higher-yielding currencies, giving the bruised greenback some respite.

The dollar has retreated broadly since March as investors shifted into riskier assets due to increasing signs that the global economy is on the mend, and it extended its losses this week as equities and commodities rallied.

The U.S. currency gained some reprieve on Friday as global equities fell and investors trimmed their positions ahead of holidays in Japan and Singapore next week, although the trend for broad dollar weakness was seen as likely to persist.

"It's a risk-driven move for now. Overnight equities didn't perform as well. That is obviously weighing on markets for now. It remains to be seen whether that is sustained," said Geoffrey Yu, currency strategist at UBS in London.

"It's possible on Friday people are taking profits. It's too early to tell whether it marks the beginning of a trend because there's been no notable catalyst for now but if things do pick up again up ahead, as in outflows from risk markets pick up, then it may mark the start of something more significant."

The euro dipped 0.2 percent from late U.S. trading on Thursday to $1.4705 EUR= by 1012 GMT.

The euro, which hit a one-year high of $1.4768 on trading platform EBS on Thursday, has risen about 2.8 percent in the past two weeks.

Data showing German August producer prices rose by 0.5 percent month-on-month, beating forecasts for a 0.2 percent rise, had little effect on the market. [ID:nBAF001792]

The dollar index, which measures the dollar's value against a basket of six major currencies, rose 0.35 percent to 76.455 .DXY, having bounced off Thursday's one-year low of 76.010.

Comments by Russian Prime Minister Vladimir Putin that there was no threat to the United States from many reserve currencies also had little immediate effect on the market. [ID:nLI168886]

"We've obviously had a fairly big move. There's not much in terms of news or catalyst to drive the market further ... It's just time for a period of consolidation after some big moves," said Derek Halpenny, European head of currency research at Bank of Tokyo Mitsubishi UFJ in London.

European shares slipped from an 11-month peak hit the previous session as recent sharp gains prompted investors to book profits.


Some in the market expect the dollar to remain under pressure given lower financing costs, fuelling speculation the greenback is fast becoming the preferred funding currency for carry trades.

"The (U.S.) three-month Libor rates are now cheaper than in the euro zone, Switzerland or Japan. The dollar has thus become a financing currency for carry trades, which currently constitute an attractive investment strategy," Commerzbank strategists said in a note. "In a situation such as this, positive economic data only ever provides short-term support for the dollar. This situation is unlikely to change until there are signs that the Fed might raise rates. In an environment such as this, the 1.50 mark seems the next logical target in EUR-USD."

Other market participants such as Halpenny say the greenback could win traction on rising U.S. Treasury debt yields on rising optimism about the economic outlook.

Against the yen, the dollar rose as high as 91.47 yen JPY= according to Reuters data, extending gains after Japanese Finance Minister Hirohisa Fujii said he did not want to be perceived as backing a strong yen. [ID:nTKU105559]

It traded 0.3 percent up on the day, having rebounded from a seven-month low of 90.12 yen hit on Wednesday.

Sterling extended losses, hitting a four-month low against the euro of 90 pence EURGBP=D4 on news the UK had set tougher-than-expected conditions to the potential exit of Lloyd's Bank from a state-run scheme to protect its assets.

Britain's Lloyds Banking Group (LLOY.L: Quote, Profile, Research, Stock Buzz) said on Friday it was weighing alternatives to the scheme to insure it against credit losses [ID:nLI109343].

Sterling slumped 0.6 percent against the dollar to $1.6338 GBP= by 1019 GMT.

The Australian dollar AUD=D4 fell 0.3 percent to $0.8696, down from a 13-month high of $0.8776 hit on Thursday. Strong support is expected to emerge at around $0.8680.

The New Zealand dollar was little changed around $0.7099 NZD=D4, having dipped 0.3 percent earlier but was still off a 13-month high of $0.7159 hit on Thursday.

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