Dollar Trades Near Lowest Since November

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Dollar Trades Near Lowest Since November

Posted on Aug 02, 2010

The dollar traded near its weakest since November against the yen on signs the U.S. recovery is losing momentum and after Former Federal Reserve Chairman Alan Greenspan said the slowdown feels like a “quasi recession.”

The Dollar Index was close to a three-month low before a report today that may show U.S. manufacturing growth slowed in July, adding to evidence the Fed will keep interest rates near zero. Australia’s dollar rose against 15 of its 16 most-traded counterparts as reports yesterday showed China’s manufacturing expanded for a 17th month and South Korea’s exports increased for a ninth month, boosting demand for higher-yielding assets.

“The U.S. economy is certainly losing some steam,” said Mike Jones, a currency strategist at Bank of New Zealand Ltd. in Wellington. “We are seeing bond yields slide, dragging the U.S. dollar lower in tandem.”

The dollar traded at 86.49 yen at 9:07 a.m. in Tokyo from 86.47 yen in New York on July 30, when it reached 85.95 yen, the lowest level since Nov. 30. The U.S. currency was at $1.3056 per euro from $1.3052. Australia’s dollar rose 0.4 percent to 90.77 U.S. cents. The yen bought 112.92 per euro from 112.84 last week, when it touched 112.03, the strongest since July 23.

The yen fell against 15 of its 16 most-traded counterparts after Japanese Finance Minister Yoshihiko Noda said in Tokyo excessive currency movements are bad for the economy and he’s closely watching financial markets.