Dollar Falls to Three-Year Low Versus Yen on Fed `Indifference' |
| Bloomberg - Feb 29, 2008 |
The dollar fell to the lowest level in three years versus the yen on signs the Federal Reserve sees a weakening dollar as helping the U.S. economy.
The U.S. currency dropped below 104 yen, to its lowest level since March 2005, after Fed Chairman Ben S. Bernanke said the weaker currency helps cut the trade deficit, and as a report showed Chicago-area business contracted this month. The U.S. Dollar Index, which tracks the currency against six major counterparts, sank to the lowest since its start in 1973.
``It's broad dollar weakness because of concerns about the U.S. economy, U.S. yields, expectations of rate cuts and financial markets,'' said Tom Fitzpatrick, global head of currency strategy at Citigroup Inc. in New York. ``They don't care about the weak dollar. I absolutely believe the market is disappointed'' by Bernanke's comment.
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- Posted: 2008-02-29 10:36:55
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