October 18, 2010
The dollar fell for a fifth week against the euro, matching a losing streak that ended in December 2008, as traders speculated the Federal Reserve will further ease monetary policy, debasing the greenback.
The U.S. currency dropped this week to a 15-year low against the yen and fell to parity with the Australian and Canadian dollars before next week’s Fed report on regional economies. Asian currencies rallied against the dollar as Singapore sought faster currency appreciation, pulling back from efforts to stem gains.
“There’s a bit of push and pull in dollar weakness: the push has been revolving around quantitative easing, and the pull has been the attractiveness of emerging-market currencies,” said Alan Ruskin, global head of Group of 10 foreign-exchange strategy at Deutsche Bank AG in New York.
This article was posted: Monday, October 18, 2010 at 7:14 pm