July 23 (Bloomberg) — The dollar was little changed against the euro after rebounding from a record low as charts that some investors use to predict currency movements suggested its decline was too rapid. The difference in the number of wagers on an advance in the euro compared with those on a drop versus the dollar — so- called net longs — fell to 99,185 on July 17, compared with 102,896 a week earlier, figures from the Washington-based Commodity Futures Trading Commission show. The euro earlier rose to a record high versus the dollar after European Central Bank Executive Board member Lorenzo Bini Smaghi indicated in an interview with the Italian news program TG1 today that he sees no reason for concern over the European currency's appreciation, saying it reflects the strength of the 13-nation region's economy. The yen earlier touched the highest in more than six weeks against the dollar after Asian stocks fell, spurring traders to scale back investments in emerging-market assets funded by borrowing in Japan. The yen has dropped 16 percent against New Zealand's dollar and 14 percent against the Australian currency so far this year. read more
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