Reuters: US Dollar Report: Euro pares losses, recovers from lows of the day vs dollar

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Euro pares losses, recovers from lows of the day vs dollar Aug 24th 2012, 15:31 Fri Aug 24, 2012 11:31am EDT The euro pared losses on Friday to trade little changed against the dollar after central bank sources told Reuters the European Central Bank is considering setting yield band targets under a new bond-buying programme to allow it to keep its strategy shielded and avoid speculators trying to cash in. "The critical thing is to control interest rate costs for Italy and Spain," said said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York. "A band, I think, does two things: it allows them flexibility not to commit to a specific level and it allows them to achieve policy goals with a minimum of capital expenditure. And it should spook speculators." The euro was last down 0.1 percent at $1.2550, well off the session low of $1.2481 and closer to the session peak of $1.2568..

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