Forex Pros – The U.S. dollar was modestly higher against its major counterparts on Wednesday, as the euro weakened amid ongoing uncertainty over Greek sovereign debt and the pound came under broad selling pressure.<br /><br />During early U.S. trade, the greenback was fractionally higher against the euro, with EUR/USD inching up 0.02% to hit 1.4239.<br /><br />Eurogroup leader Jean-Claude Juncker on Tuesday said there was a need to move towards a "soft restructuring" of Greek debt, but other officials were opposed to such move, while Greece's prime minister said restructuring would do more harm than good.<br /><br />The greenback was also higher against the pound, with GBP/USD shedding 0.58% to hit 1.6155.<br /><br />Earlier in the day, official data showed that the number of people on unemployment benefits in the U.K. rose sharply in April but the country’s unemployment rate dipped unexpectedly in March. <br /><br />Separately, minutes from the Bank of England’s May meeting showed policymakers maintained the vote to keep rates unchanged this month.<br /><br />Elsewhere, the greenback was slipped against the yen but inched higher against the Swiss franc with USD/JPY dipping 0.02% to hit 81.39 and USD/CHF easing up 0.04% to hit 0.8802.<br /><br />Meanwhile, the greenback was higher against its Canadian and Australian counterparts but lower against its New Zealand cousin, with USD/CAD easing up 0.06% to hit 0.9703, AUD/USD shedding 0.14% to hit 1.0611 and NZD/USD advancing 0.63% to hit 0.7897.<br /><br />Earlier Wednesday, government data showed that producer price inflation in New Zealand rose more-than-expected in the first quarter.<br /><br />The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.05%.<br /><br />Later in the day, the Federal Reserve’s Open Market Committee was to publish the minutes of its April policy setting meeting. <br /><br />
updated May 18, 2011
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