Reuters: US Dollar Report: Dollar pares gains versus euro, yen after US inflation data

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Dollar pares gains versus euro, yen after US inflation data May 15th 2013, 12:41 NEW YORK | Wed May 15, 2013 8:41am EDT NEW YORK May 15 (Reuters) - The dollar pared gains against the euro and Japanese yen on Wednesday after U.S. data showed producer prices recorded their largest drop in three years in April as gasoline and food costs tumbled. The data pointed to weak inflation pressures that should give the Federal Reserve latitude to keep monetary policy very accommodative. Separate data from the New York Federal Reserve showed manufacturing activity index fell in May to -1.43 from 3.05 in April. The euro last traded at $1.2884, down 0.3 percent on the day. It had been trading at about $1.2870 before the data. The dollar last traded at 102.42 yen, up 0.1 percent on the day. It had been trading at about 102.52 yen before the data.

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