Dollar Fluctuates Versus Yen as Lockhart Cites U.S. Headwinds
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The dollar fluctuated against the yen as Federal Reserve Bank of Atlanta President Dennis Lockhart said the economic recovery still faces challenges, encouraging speculation interest rates will hold steady this year.
Brazil’s real fell from its highest level against the dollar in more than two years as Finance Minister Guido Mantega said he’s considering steps to reduce “excessive” dollar inflows after taxes on foreign investment in local markets failed to stop the currency’s rally. The dollar slid earlier versus the yen on bets policy makers led by Fed Chairman Ben S. Bernanke won’t raise borrowing costs until 2012.