Dollar lower versus euro, Canadian and Australian dollars

The US dollar was lower versus the euro on Wednesday on comments from US Federal Reserve chairman Ben Bernanke, who said in testimony before the House Financial Services Committee that the Fed is “ready” to do what is necessary to protect the US economy.

This presumably includes cutting interest rates again, from the current level of 3 percent.

At around 11:30 a.m. in New York, the dollar was trading at $1.5122 to the euro, at $1.9910 to the pound, while it took ¥106.4100 or SFr1.0640 to buy a dollar.

The Canadian dollar was higher on gains in commodities prices, with one loonie worth $1.0193.

The Australian dollar saw gains on the possibility that interest rates there will go up to 7.25 percent in March in an attempt to control inflation, with one aussie worth 94.09 US cents in late morning trade in New York.

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