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Dollar falls against most major currencies

The dollar fell against most major currencies on Wednesday as a drop of U.S. crude oil inventory boosted hope for energy demand.

The Energy Information Administration reported on Wednesday that U.S. commercial crude oil inventories deceased by 8.4 million barrels in the recent week. Analysts have expected an increase of 1.3 million barrels.

Investors bet that the drop in oil inventories is an indication that energy demand is picking up and the economy is indeed improving. The report sent U.S. stocks higher and the dollar lower by boosting risk appetite.

Analysts said safety haven demand remained a key driving force in currency trading. Investors are waiting for some economic data due Thursday, including initial jobless benefits claims last week and the leading economic index.

The euro bought 1.4239 dollars in late New York trading compared with 1.4140 dollars it bought late Tuesday. The pound fell to 1.6545 dollars from 1.6572 dollars.

The dollar fell to 1.0963 Canadian dollars from 1.1019 Canadian dollars, and fell to 1.0646 Swiss francs from 1.0753 Swiss francs. It fell to 93.95 Japanese yen from 94.65 Japanese yen.


 Source : Xinhua  Editor: Ivy
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