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U.S. Dollar Continues Slide to a New 7-Week Low Versus Yen
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Wednesday, November 25, 2009 GMT
By: Barbara Zigah
In Asian trading today, the U.S. Dollar fell to its lowest point in 7-weeks versus the Japanese Yen in Asian trading today. As reported at 1:53 p.m. (JST) in Tokyo, the U.S. Dollar slipped to 88.20 Yen, approaching the 88.01 Yen low of early October. The U.S. Dollar Index, which measures the greenback’s value versus a basket of six major currencies, dropped to 74.946 .DXY, a decline of .2% and approaching the 15-month trough of 74.679 .DXY established earlier this month. Market players suggest that several factors are contributing to the U.S. Dollar’s continued decline, not the least of which is the continuing historic low U.S. interest rates, but also speculation of hedge fund selling and the rebalancing (in favor of the Japanese Yen) the MSCI Japan Index as announced on November 11th.
The Australian Dollar, meanwhile, continues to rise following the release of upbeat economic data which supports investors’ expectations that an interest rate increase is forthcoming next month. Versus the U.S. Dollar, the Aussie traded at $0.9255, an increase of .7% though still shy of the recently established 15-month peak of $0.9407. The Australian Dollar also moved up on the Japanese Yen, trading at 81.69 Yen, a .4% increase.
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