Euro trades lower vs dollar, dollar pares losses vs yen

NEW YORK, March 5 Tue Mar 5, 2013 10:25am EST

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NEW YORK, March 5 (Reuters) - The euro surrendered gains to trade lower against the dollar on Tuesday while the U.S. currency pared losses against the yen after solid U.S. economic data and a benchmark U.S. stock index climbed to an all-time high.

The pace of growth in the vast U.S. services sector accelerated to its fastest pace in a year in February, helped by a pick-up in new orders and demand for exports, an industry report showed on Tuesday.

Shortly after the opening bell, the Dow Jones industrial average rose above the intraday all-time high reached in October 2007, when the world was heading toward the financial crisis..

"The market is seeing positive U.S. data as positive for the dollar," said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York. "Economic data is providing underlying support."

The euro was last down 0.1 percent at $1.3017, while the dollar was down 0.1 percent against the yen at 93.39 yen, well off the session low..

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