By Cornelius Luca
New York, May 17 (BridgeNews) - The euro reversed recent gains versus most of the other key currencies after the execution of large buy orders Wednesday was out of the pipelines. Residual long liquidation will likely weigh further on the single currency later in the day. The euro fell from a one-week high of 88.81 cents to the dollar.
* * * Dollar/yen slipped to a three-day low of 122.90, dollar/Swiss franc rebounded from a 13-day low of 1.7261 and sterling/dollar fell from a nine-day high of 1.4323. Meanwhile, dollar/Canada fell for the third consecutive day to reach a 10-day low of 1.5343.
Thursday's domestic agenda includes April leading economic indicators, May Philadelphia Fed Bank business outlook survey, the Fed minutes of the March 20 FOMC meeting and the minutes of the April 18 conference call on the intermeeting interest rate cut, and speeches by Fed Vice Chairman Roger Ferguson and Fed Gov. Laurence Meyer.
All eyes will be on U.S. stocks to see whether they can extend Wednesday's solid gains and whether some of this strength can rub off on the dollar.

Current Previous Change Global Global
NY open NY close low high

USD/JPY 123.21 123.60 -0.39 122.90 123.56
EUR/USD 0.8813 0.8833 -0.0020 0.8805 0.8881
EUR/JPY 108.59 109.22 -0.63 108.42 109.33
GBP/USD 1.4292 1.4299 -0.0007 1.4285 1.4323
USD/CHF 1.7393 1.7345 0.0048 1.7261 1.7415
USD/CAD 1.5349 1.5376 -0.0027 1.5343 1.5399
AUD/USD 0.5279 0.5235 0.0044 0.5236 0.5286
NZD/USD 0.4253 0.4218 0.0035 0.4216 0.4261
SP.1 1293.30 4.90 1284.80 1294.00
ND.1 1935.00 38.00 1899.00 1937.50