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The dollar dipped on Wednesday as it struggled to shake off renewed worries about the US economic recovery in the wake of surprisingly weak consumer sentiment data.
The sharp decline in US consumer confidence in January implied a growing disenchantment among US consumers with the economy due to a lack of new jobs, and suggested the Federal Reserve may take its time before raising interest rates.
The disappointing data bruised the confidence of bulls, making the greenback numb to potentially dollar-positive remarks from the head of the International Monetary Fund.
IMF Managing Director Horst Koehler endorsed on Wednesday Japan's foreign exchange intervention, saying it was appropriate given a lack of policy tools to reflate the economy.
"The market showed no reaction because people already think that Japan's intervention won international approval at the last Group of Seven meeting," said Toru Umemoto, currency strategist at Morgan Stanley in Tokyo.
Koehler, speaking during a visit to Tokyo where he met top government officials, added that he viewed the policy as temporary and not aimed at fixing foreign exchange rates.
The dollar was near the day's low of 108.15 yen but still 2.8 percent off the three-year low hit earlier this month.
The euro stayed two percent above its three-week low of $1.2450 hit on Monday, hovering around $1.2680. That was within two percent of last week's record high of $1.2930.
Sterling also retained most of its gains from Monday, trading around $1.8900 up nearly two percent from lows hit last week.
The unexpectedly sharp drop in the US Conference Board's consumer confidence measure to 87.3 in February from 96.4 in January bodes ill for the dollar since low yields have been a major reason behind the US currency's two-year downtrend. It also throws cold water on recent dollar bullishness sparked after last week's sudden gains.

Copyright Reuters, 2004

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