The US dollar was higher versus the yen on sentiment that the Federal Reserve will not cut interest rates at its next meeting, but the greenback lost ground to the euro at just past noon in New York.

It cost \103.66 to buy a dollar, while the euro traded at \160.68, also gaining on the Japanese currency.

The euro was also up slightly in relation to the US currency at $1.5527 to the shared currency.

The yen also lost ground to the South African rand, the Brazilian real, and the Norwegian krone, to \13.619 to the rand, \62.026 to the real and to \20.662 to the krone as investors returned to risk.

The Swiss franc was also weaker as equities markets rallied, sending investors back to buying higher-yielding currencies with loans funded by low-yielding currencies such as the franc and the yen.

In early afternoon trade in New York, it took SFr1.0450 to buy a US dollar and SFr1.6255 to buy a euro.

The South African rand gained on all major currencies on the return to carry trades as well as on speculation that a foreign buyer will purchase Africa’s biggest mobile-phone operator.

The rand traded at R7.6535 to the greenback and at R11.83 to the euro at just past noon in New York.

The pound, meanwhile, gained on the euro and the US dollar as a substantial boost in producer prices led to less of a chance that the Bank of England will cut interest rate next month, and ahead of a report on consumer prices, due tomorrow.

The pound traded at 79.19p to the euro and it took $1.9608 to buy a pound.