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U.S. Dollar Gains on Euro

The value of the U.S. dollar started to rise against the European currency Wednesday, extending its rebound from recent record lows.

The dollar suffered sharp losses against the euro over the past couple of weeks as investors turned their focus to such commodities as oil, gold and agriculture products.

But over the past two days the greenback has become attractive again to investors hoping to hedge against inflation. They were mainly trading out of commodities.

The euro bought $1.4131 in afternoon trading, off its all-time peak above $1.42.

Meanwhile, gold futures fell for a second session, with the December contract down $2.50 to $733.80 an ounce on the New York Mercantile Exchange after tumbling more than $17 an ounce on Tuesday. December silver fell 3.5 cents to $13.415 an ounce.

Wheat and corn futures extended their declines too after prices fell Tuesday by the maximum daily limit permitted by the Chicago Board of Trade.

From NPR reports and The Associated Press

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