|
Dollar Falls Against Euro,
Heads for Weekly Decline, Before G-7
Kim-Mai Cutler and Kosuke Goto
Bloomberg
Friday, April 11, 2008
The dollar fell against the euro on speculation officials from
the Group of Seven nations are unlikely to agree on a plan to
support the U.S. currency when they meet today.
The currency weakened against the British pound today before
an industry report that will probably show U.S. consumer confidence
fell to a 16-year low. The yen headed for a weekly loss against
the euro as a rally in Asian stocks prompted investors to buy
higher-yielding assets with loans from Japan.
``The dollar remains vulnerable to another move to the downside,''
Ian Stannard, a currency strategist at BNP Paribas SA in London
who says the dollar may ``test'' $1.60 against the euro in the
coming week. ``We're unlikely to see any significant change coming
out of the G-7.''
(Article continues below)
The dollar weakened to $1.5804 per euro at 6:18 a.m. in London,
compared with $1.5742 in New York yesterday and $1.5737 on April
4. It touched a record low of $1.5913 yesterday. The U.S. currency
was at 101.97 yen, from 101.95 yesterday and 101.47 a week ago.
The yen fell to 161.17 per euro from 160.51 yesterday and 159.69
a week earlier.
The Group of Seven, which comprises the U.S., Japan, Germany,
the U.K., France, Italy and Canada, hasn't intervened in currency
markets since it supported the euro in 2000. Finance officials
from the nations will speak at a press conference at 6:45 p.m.
in Washington today.
``There is room for the dollar to fall further,'' said Kenta
Inoue, economist and currency analyst at Mitsubishi UFJ Securities
in Tokyo, a unit of Japan's largest publicly listed lender. ``The
G-7 isn't going to change its statement on foreign exchange with
the intention of halting the dollar's decline. It's difficult
to argue for a strong currency.''
Full
article here.
|
INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
|
|
