Dollar Falls a Second Day Versus Euro on Interest-Rate Outlook

The dollar fell for a second day against the euro, reversing earlier gains, amid concern the Federal Reserve will trail the European Central Bank in raising interest rates.

The greenback has weakened 10 percent this year versus the euro. Canada’s dollar fluctuated after rising earlier as Prime Minister Stephen Harper’s Conservatives won a majority in Parliament for the first time, while the Swiss franc rose against all of its major peers as investors sought refuge.

“Unless Fed expectations change or we get a real deterioration in European debt markets, it’s hard to see this weak-dollar trend turning around,” said Vassili Serebriakov, a currency strategist at Wells Fargo & Co. in New York. “You have a very powerful theme that’s been around for weeks, if not months. The dollar’s been under pressure for a while.”

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- Posted: 2011-05-03 13:03:01

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