By: Barbara Zigah
The U.S. Dollar fell broadly in Asian trading today, dropping to its lowest points in several months versus several currencies. As reported at 1:02 p.m. (JST) in Tokyo, the greenback slipped against the Japanese Yen to 88.67 Yen, a decline of .2%; earlier in the trading session on the EBS platform, it had fallen to 88.47Yen, the lowest price in more than 2 months. The struggling single currency Euro also did well versus the U.S. Dollar, trading at $1.3633, a .1% increase from yesterday’s late trading in the U.S.; earlier, it has struck a new nearly 10-month low when it hit $1.3433 on the EBS platform. The Pound Sterling also rose on the U.S. Dollar, trading at $1.5068, an increase of .6% and continuing the recovery from Monday’s 10-month trough of $1.4781.
While many investors have bought into the U.S. Dollar in recent months, especially given the fiscal worries of Euro-zone nations, investor concerns that the Pound Sterling’s depreciation may have tilted too far, had investors dumping their long positions in the greenback. Market players were encouraged by the news that a Greek cabinet meeting is scheduled for Thursday with the hope that a concrete plan will be put in place. The Greek Prime Minister also pleaded to constituents that they accept whatever sacrifices that needed to be made in order to save the nation’s economy.