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Dollar, Yen Fall Most Since May on Economic Outlook, Earnings

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Ye Xie and Sapna Maheshwari
Saturday, July 18, 2009

The dollar and the yen posted the biggest declines against the euro since May as corporate earnings topped forecasts and U.S. reports showing gains in housing and a slower decline in industrial production.

The Canadian dollar advanced to a one-month high against the greenback as crude oil rebounded. The Mexican peso had the biggest gain in two months this week after policy makers said yesterday that they will “pause” after cutting the overnight interest rate a quarter percentage point to 4.5 percent.

“There has been a pretty decent rebound in risk appetite,” said Samarjit Shankar, director of global strategy in Boston at Bank of New York Mellon Corp., the world’s largest custodial firm. “We’ve seen most global market participants venture back into the higher-yielding bond markets and also emerging markets on the equity side. There’s been a relative move from the safety of the yen and the dollar.”

The U.S. currency fell 1.2 percent to $1.4102 per euro yesterday, from $1.3936 on July 10. The yen lost 3 percent to 132.85 per euro, from 129 a week earlier. The declines were the biggest since the five-day period ended May 22. The Japanese currency fell 1.8 percent to 94.19 per dollar.

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This article was posted: Saturday, July 18, 2009 at 4:05 am

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