Time Tuesday: Dollar and Reference Rate

time tuesday: The euro was at 1.1189-1189, down from 1.1214-1214, and at 118.94-94, down from 119.27-28. ; The dollar met with selling after the opening of the Tokyo stock market as investors were disappointed at the Nikkei stock average's continued fall despite a rebound on Wall Street Tuesday, according to The Japan Times. Following the Chinese central bank's setting of the yuan's reference rate at a level slightly higher than a prevailing market rate, however, a sense of relief spread among participants to lift the greenback back above 106.30, traders said. At 5 p.m., the dollar stood at 106.29-30, down from 106.36-36 at the same time Tuesday. But the U.S. currency slid through 106 early in the afternoon on selling prompted by a fall in the New Zealand dollar, which was battered by an aggressive 0.5 percentage-point rate reduction by the Reserve Bank of New Zealand. In late trading, the dollar moved in a narrow range in the dearth of fresh trading incentives. The cut was bigger than expected, an official at a foreign exchange margin trading service firm said. (news.financializer.com). As reported in the news.