The dollar showed mixed trading against its major counterparts in early European trade Tuesday as investors look forward to the U.S. government's revised figures for third-quarter gross domestic product.
While the dollar slumped to a new multi-week low against the yen, it remained higher against the pound. On the other hand, the dollar pared some of the gains it made in Asian deals against the euro and the franc.
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The dollar fell to a new multi-week low of 88.57 against the yen in early European deals on Tuesday. The next downside target level for the dollar is seen at 88.0. At yesterday's close, the dollar-yen pair was quoted at 88.98.
In Asian trading on Tuesday, the dollar climbed to 1.4890 against the euro and 1.0155 against the franc. But the dollar fell slightly in early European deals and it is currently worth 1.4938 against the euro and 1.0120 against the franc, compared to yesterday's close of 1.4963 and 1.0102, respectively
If the dollar weakens further, it may target 1.50 against the euro and 1.0075 against the franc.
The euro recouped its losses in early European deals on encouraging economic reports from Germany.
Against the pound, the dollar rose in early trading on Tuesday. The pound-dollar pair that closed Monday's deals at 1.6608 is now worth 1.6520. On the upside, 1.646 is seen as the next target level for the dollar.
