Dollar slides lower against yen and euro

A A A - The dollar slid lower against the yen and the euro on Monday as markets awaited further indications on how long the Federal Reserve will keep its stimulus policies in place.

During U.S. morning trade, USD/JPY edged down 0.19% to 99.98, holding below the two-month highs of 100.42 struck on Friday.

The dollar remained under pressure after Fed Chairwoman nominee Janet Yellen defended the bank's USD85 billion-a-month asset purchase program last week, saying it was "imperative" that the Fed does everything in its power to ensure a robust recovery.

The comments cemented the view that the bank will keep its easy money policies in place well into the beginning of next year.

Investors were turning their attention to the minutes of the Fed's October meeting, as well as a speech by Fed Chairman Ben Bernanke on Wednesday for further indications on the future course of U.S. monetary policy.

Elsewhere, the euro rose to more than one-week highs against the dollar, with EUR/USD rising 0.19% to 1.3521 from Friday's close of 1.3495.

In the euro zone, data on Monday showed that the bloc's trade surplus widened to EUR13.1 billion in September from EUR8.6billion a year earlier. The report said exports rose 3% on a year-over-year basis, while imports were flat.

Meanwhile, Germany's central bank said in its monthly report that there is a good chance that the economic recovery in Germany will be further cemented in the coming months.

The dollar edged higher against the pound, with GBP/USD slipping 0.07% to 1.6106.

Elsewhere, the dollar was lower against the Swiss franc, with USD/CHF down 0.32% to 0.9197.

The greenback was broadly lower against the Australian, New Zealand and Canadian dollars, with AUD/USD rising 0.27% to 0.9396, NZD/USD climbing 0.35% to trade at 0.8365 and USD/CAD sliding 0.12% to 1.0425.

The growth linked dollars were boosted after China outlined a series of broad economic reforms late Friday, including the easing of the one-child policy, reinforcing investor confidence in the country.

The U.S. dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.19% to 80.71. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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