The dollar was posting gains nearly across the board in a mild day for the currency markets.

The euro was down on ongoing concerns about economic growth in the eurozone. The single currency was lately trading at $0.8511, down from yesterday's close of $0.8537.

The

European Central Bank

meets tomorrow, but it's not expected to cut interest rates. It's only cut rates once this year, in a surprise move, by a mere 25 basis points. In contrast, the U.S.

Federal Reserve has cut rates five times, totaling 250 basis points.

The ECB's mandate is to maintain price stability, or prevent inflation. However, the latest data says inflation in the eurozone is at an eight-year high.

But the euro was able to beat the yen this morning. It lately cost 105.03 yen to buy a euro, more than the 104.82 yen it cost at yesterday's close. The yen also slipped against the dollar amid Japan's fiscal woes. In recent trading, it took 123.40 yen to buy a dollar, compared with yesterday's 122.81.

Japan's first-quarter GDP fell 0.2%; it had been expected to

grow

0.2%. That report and others are fueling talk in recent weeks that the country may be headed into its second recession in two years -- its fourth in a decade.

The British pound slipped slightly to the dollar, lately trading for $1.3931, down from yesterday's close of $1.4013. The Australian dollar was trading down to $0.5176 recently against its U.S. counterpart, after closing Tuesday's session at $0.5202.

The only major currency gaining on the U.S. dollar this morning was the Canadian dollar. The U.S. coin was trading for C$1.5314, down from C$1.5337 at last close.

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