U.S. Dollar Eases on Trade Figures

The dollar nursed broad losses early on Wednesday, having come under renewed pressure after disappointing U.S. trade data for March painted an even bleaker economic picture of the first quarter.

Data on Tuesday showed U.S. trade deficit jumped 43.1 percent to $51.4 billion in March, the largest since October 2008, thanks to a surge in imports. Analysts said the deficit probably subtracted from growth, suggesting GDP could have contracted in the first quarter.

The dollar index fell as far as 94.877, retreating from a one-week high of 95.946. It last stood at 95.160.  Against the yen, the greenback eased to 119.93 from a 3-1/2 week high of 120.51. The euro rebounded to $1.1183 , from Tuesday’s low of $1.1066.