 Forex - US trade deficit and weaker stocks weighed on Dollar |
 Sep 12 2008, 1:00
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The Dollar climbed to fresh one-year peaks against the Euro and a major currency basket on Thursday, as nervous investors sought refuge in the greenback's safety amid escalating global slowdown fears. But the market reversed late on Thursday and the Dollar dropped against majors weighed down by a combination of weaker global stocks and data showing the US trade gap expanded to $62.2b, it’s widest since March 2007.
The low-yielding Japanese yen also benefited from a surge in risk aversion, pushing the Euro and the Australian and New Zealand Dollars to their lowest in at least two years. Investors had used the Yen in carry trades to purchase high-yielding currencies in times when global growth was accelerating and risk appetite was high. Analysts said the uncertain global economic outlook was prompting US investors to liquidate assets in emerging markets, where inflation was also becoming a problem. View the full article |
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