By Michael Kitchen, MarketWatch
LOS ANGELES (MarketWatch) ? The dollar traded lower during East Asian hours Wednesday, extending its losses ahead of a key meeting between Greece and its creditors later in the day.
The dollar index /quotes/zigman/1652083 DXY -0.21% , a measure of the U.S. unit?s value compared to six other currencies, slipped to 80.958, down from 81.175 late Tuesday in North American trade.
Feds going after S&P again
Federal prosecutors are again going after Standard & Poor's over the company's financial crisis-era ratings of troubled mortgage securities. Photo: Getty Images.
The move furthered a weakening trend after stronger-than-expected Chinese and German data helped investors to leave the relative safe haven of the greenback. See report on Tuesday?s currency action.
The euro /quotes/zigman/4867933/sampled EURUSD +0.2576% ticked higher, rising to $1.2760 from $1.2728 late Tuesday.
Later Wednesday, the Greek government was slated to resume talks with its bond holders, represented by the Institute of International Finance, to discuss a voluntary write-down on Greece?s sovereign debt.
The New York Times reported ahead of the meeting that Prime Minister Lucas Papademos would consider raising legislation to force a private-sector haircut on the debt if a deal can?t be reached voluntarily.
/conga/story/2012/01/ceo.html 187491?Talks on Greece debt swaps ... will likely be the main source of headline risk? for Wednesday, wrote Royal Bank of Canada senior forex strategist Sue Trinh, who said that price action ahead of the negotiations ?was biased toward risk-on.?
The Japanese yen strengthened slightly against the dollar /quotes/zigman/4868099/sampled USDJPY -0.1790% , which bought ?76.69, down from ?76.84 late Tuesday.
The euro /quotes/zigman/4868097/sampled EURJPY +0.0681% ?was little changed against the yen, changing hands at ?97.82, compared to Tuesday?s ?97.81.
The British pound /quotes/zigman/4867886/sampled GBPUSD +0.0929% ?inched higher to $1.5335, up from $1.5325.
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Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.
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