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Dollar drops against Yen, Euro

Dollar drops against Yen, Euro

NEW YORK: The dollar declined against the yen and the euro on Tuesday as soft consumer-confidence data before a holiday weekend encouraged shareholders to secure profits on their wagers that the US exchange would climb. The dollar slipped 0.3% to ¥117.91, with the greenback hovering near its highest level since August 2007.
The euro gained 0.2% to $1.2470, rising for a second straight session and pulling back from its lowest level in more than two years.
The dollar’s slide came despite a stronger-than-expected estimate on how much the US economy grew in the third quarter, as this week’s Thanksgiving holiday made investors reluctant to leave money on the table.
The euro and the yen solidified gains Tuesday after an index of US consumer confidence published by a private research group, the Conference Board, fell unexpectedly this month to a reading of 88.7 from a revised 94.1 in October. Economists expected the number, which dropped to the lowest since June, would rise to 96.5.