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Dollar Weakens Most in 14 Months Versus Euro on Signs of Economic Slowdown

Posted By admin On July 17, 2010 @ 2:21 am In Money Watch | Comments Disabled

Oliver Biggadike and Catarina Saraiva
July 17, 2010

The dollar fell the most against the euro in 14 months and dropped to the lowest level this year versus the yen as economic reports added to evidence that the U.S. recovery is losing momentum.

The greenback touched a level weaker than $1.30 versus the shared currency as minutes of the Federal Reserve meeting last month indicated policy makers trimmed their forecasts for growth. The euro rallied for a third straight week against the dollar before partial results of stress tests on the region’s banking system due on July 23.

“It’s really dollar weakness based on some evidence the economy is slowing,” said Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York. “The economic indicators are pointing strongly toward slower growth in the second half of the year.”

The dollar declined 2.24 percent, the most since May 2009, to $1.2930 per euro yesterday, from $1.2641 on July 9. It touched $1.3008 yesterday, the weakest level since May 10. The U.S. currency dropped 2.3 percent to 86.57 yen, from 88.62 yen, after reaching 86.27 yesterday, the lowest level since Dec. 1. The euro was little changed at 111.96 yen, compared with 112.01.

Full article here [1]

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[1] Full article here: http://www.bloomberg.com/news/2010-07-17/dollar-weakens-most-in-14-months-versus-euro-on-signs-of-economic-slowdown.html

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] Euro Falls to 13-Month Low Versus Dollar; ECB Debated Rate Cut: http://www.prisonplanet.com/euro-falls-to-13-month-low-versus-dollar-ecb-debated-rate-cut.html

[4] Dollar Falls to Record Versus Euro; Credit Woes May Damp Growth: http://www.prisonplanet.com/dollar-falls-to-record-versus-euro-credit-woes-may-damp-growth.html

[5] Dollar Set for Biggest Monthly Loss Since 2008 Versus Euro on U.S. Economy: http://www.prisonplanet.com/dollar-set-for-biggest-monthly-loss-since-2008-versus-euro-on-u-s-economy.html

[6] Dollar Falls to Lowest Level Versus Euro in 2009 as Stocks Gain: http://www.prisonplanet.com/dollar-falls-to-lowest-level-versus-euro-in-2009-as-stocks-gain.html

[7] Dollar Weakens Most Against Euro Since 2001 on U.S. Deficit: http://www.prisonplanet.com/dollar-weakens-most-against-euro-since-2001-on-us-deficit.html

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