Yen and dollar fell against majority of strong currencies on currency trading as data showed economic growth in the U.S. is recovering, leading traders to step away from haven-safe currencies.

A stronger economic report from the U.S. government led traders to leave the yen and dollar behind and go for higher-yield currencies. The Labor Department said that “the total unemployment insurance rolls fell last week by 148,000 to 6.76 million, the largest drop in more than seven years and an indication that layoffs may be easing.”

Swiss franc fell against the euro on speculations that the central bank by intervene to sell the currency as it is getting to its strongest level since March. The pound appeared weaker than the euro as U.K retails sales dropped drastically in May.

As risk aversion reverses the market is testing the weaker side of the greenback. Traders in general are trying to get rid of the dollar and try other currencies like the euro and Australian dollar.

Dollar was down to 0.2 percent at $1.3986 per euro in midday New York trades. Euro rose 0.8 percent to 134.55 yen.

High Yielding Currencies

After a strong rally in risk appetite, the general forex market seems to be consolidating, according to Todd Elmer, currency strategist at Citigroup Global Markets in New York.

Dollar has traded between $1.3750 and $1.40 per euro this week and reached a six month low of $1.4338 on June 3rd.