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Dollar May Fall Further After Reaching Lowest in Almost a Year

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Oliver Biggadike and Ye Xie
Bloomberg
Thursday, Sept 17th, 2009

The dollar may extend its decline after sliding to the weakest level versus the euro in almost a year as an increase in America’s industrial output encouraged investors to shift funds to higher-yielding assets.The euro gained yesterday versus the dollar as traders succeeded on their third attempt at pushing the currency past $1.4720, a technical level just above the Dec. 18 high. The Mexican peso and South African rand were two of the biggest winners against the dollar and yen among the 16 most-traded currencies tracked by Bloomberg, on increased risk demand.

“We are in an environment that is constructive for growth,” said Lauren Rosborough, a currency strategist in London at Westpac Banking Corp. “It is positive for high- yielding, high-beta currencies. We are seeing evidence that cash is moving out of banks.”

The dollar changed hands at $1.4713 per euro at 6:04 a.m. in Tokyo, after trading yesterday at $1.4737, the weakest level since Sept. 25, 2008. The yen was at 90.93 per dollar and touched 90.13, the strongest level since Feb. 12. Japan’s currency fetched 133.78 per euro.

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This article was posted: Thursday, September 17, 2009 at 9:46 am





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