The dollar fell against the euro, erasing a weekly gain, on speculation President Barack Obama will announce further assistance to the U.S. auto industry, reducing demand for the U.S. currency as a refuge.
Japan’s currency strengthened versus the greenback, paring its first quarterly loss since June, on prospects domestic companies are bringing home overseas earnings before the end of the financial year on March 31. The Australian and New Zealand dollars were poised for a fourth weekly gain versus the U.S. currency as stocks extended a worldwide rally to a third week and prices jumped for the commodities the two nations export.
“There are emerging expectations that the U.S. auto industry, which has been living on the edge, can avoid a hard- landing,” said Kengo Suzuki, a currency strategist in Tokyo at Shinko Securities Co. “This may further boost stock prices, improve risk-appetite and weaken the dollar.”
The dollar fell to $1.3587 versus the euro as of 6:01 a.m. in London from $1.3526 late yesterday in New York and $1.3580 on March 20. The greenback weakened to 98.27 yen from 98.71 yesterday. Japan’s currency traded at 133.55 per euro from 133.52. The dollar fell to $1.4493 per pound from $1.4453 yesterday and $1.4465 last week.
From Bloomberg News.
Japan’s currency strengthened versus the greenback, paring its first quarterly loss since June, on prospects domestic companies are bringing home overseas earnings before the end of the financial year on March 31. The Australian and New Zealand dollars were poised for a fourth weekly gain versus the U.S. currency as stocks extended a worldwide rally to a third week and prices jumped for the commodities the two nations export.
“There are emerging expectations that the U.S. auto industry, which has been living on the edge, can avoid a hard- landing,” said Kengo Suzuki, a currency strategist in Tokyo at Shinko Securities Co. “This may further boost stock prices, improve risk-appetite and weaken the dollar.”
The dollar fell to $1.3587 versus the euro as of 6:01 a.m. in London from $1.3526 late yesterday in New York and $1.3580 on March 20. The greenback weakened to 98.27 yen from 98.71 yesterday. Japan’s currency traded at 133.55 per euro from 133.52. The dollar fell to $1.4493 per pound from $1.4453 yesterday and $1.4465 last week.
From Bloomberg News.