Midday trade in New York: Euro slips versus dollar

The euro slid against the dollar on Wednesday, weighed down by soft German economic data and profit-taking after three days of gains, but optimism that the European Central Bank will act to lower Spanish and Italian borrowing costs could limit losses.
The euro also sold off against sterling after the Bank of England gave no indication it would provide further stimulus, putting more pressure on the euro zone's common currency. In midday New York trading, the euro was down 0.3 percent at $1.2367, after hitting a one-month high of $1.2443 on Monday. It dropped past reported stop-loss orders at $1.2350, before recovering slightly. The euro last traded down 0.5 percent versus the pound at 78.95 pence. The euro fell 0.5 percent to 96.98 yen while the dollar was down 0.2 percent at 78.41 yen.