Thursday October 7, 2010 - 14:48:35 GMT
Forex Hound - www.forexhound.com
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The dollar dropped to a 15-year low against the yen
The dollar dropped to a 15-year low against the yen
and the weakest in eight months against the euro amid growing expectations the
Federal Reserve will expand credit easing to sustain the U.S. recovery.
The Australian dollar surged to a record after a
government report showed the nation added more jobs than economists forecast.
The pound rose to $1.60 for the first time since Feb. 3 as data showed U.K.
manufacturing expanded more than forecast and the Bank of England refrained
from increasing a bond-buying program. The European Central Bank kept its main
interest rate unchanged. The Dollar
Index, used by IntercontinentalExchange Inc. to track the U.S. currency
against those of six trading partners, fell as low as 77.005, the least since
Jan. 19.
“Expectations of lower U.S.
rates are weighing on the dollar,” said Simon Derrick, chief currency strategist at Bank of New
York Mellon Corp. in London.
“The Fed is moving down the line of quantitative easing, and money is clearly
moving away from the dollar into credible alternatives.”
The dollar depreciated 0.8 percent to 82.30 yen at
1:01 p.m. in London
and weakened as far as 82.25 yen, a day after the Japanese currency gave up all
the decline since the Asian nation’s intervention in foreign-exchange markets
last month
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