The dollar traded near a four-week low against the yen on speculation the US economic recovery will slow, prompting the Federal Reserve to keep interest rates near zero to sustain growth.
The US currency fell versus 12 of its 16 major counterparts before US reports this week that economists said will show building permits rose at a slower pace and manufacturing in the Philadelphia region fell. The euro traded near the lowest level since December against the yen amid concern Greece's deteriorating public finances will hamper a recovery in the region's economy.
"Some parts of the US are still doing poorly, implying it's not rebounding as strongly as some other countries," said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan's largest currency broker. "The trend for dollar weakness is intact."
The dollar traded at 90.73 yen as of 9:53 a.m. in Tokyo from 90.78 yesterday in New York after earlier falling to 90.52, the weakest since Dec. 21. The US currency was at $1.4398 per euro from $1.4384, and dropped to $1.6395 per pound from $1.6343. The euro was at 130.63 yen from 130.58 yesterday when it fell to 130.09, the lowest since Dec. 22.
No comments:
Post a Comment