Dollar Gains on Euro, Yen

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The dollar recovered slightly Wednesday after a monthly survey found German business executives less optimistic about Europe’s biggest economy and South Korea denied it plans to sell the currency.


Germany’s Ifo index of business confidence, which measures current conditions and executives’ six-month outlook, fell to 95.5 from 96.4 in January.


Earlier Wednesday, South Korea’s central bank denied reports that it was going to start selling the dollar to diversify its foreign reserve holdings.


The euro slipped to $1.3211 from $1.3257 in late New York trading Tuesday, while a sharp drop in Japan’s trade surplus also pushed the dollar back up to 104.81 yen, nearly 0.75 yen above its level late Tuesday.


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