Dollar Index rebounds off all-time low |
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Mon, 22 Oct 2007 14:15
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NEW YORK (Thomson Financial) - The U.S. Dollar Index has rebounded sharply off an all-time low hit earlier in the session, but the Japanese yen remained higher against the buck.The Dollar Index, which tracks the greenback vs. a basket of currencies of the U.S.'s largest trading partners, fell as much as 0.4% to a low of 77.095 in overnight trading. Sentiment had turned decidedly negative early Monday after the weekend's G-7 meeting, as the finance ministers from the world's leading economies made no official comment on the dollar.The Index has since bounced to trade up 0.7% at 77.92. At the overnight low, the Dollar Index had lost 7.9% since the end of 2006, and 36% since reaching a 15-year high of 120.99 in July 2001.The euro was down 0.9% vs. the dollar at $1.4179, pulling back from an all-time high above $1.4300. The buck was still down 0.5% against the yen at 114.53, as investors unwound risky yen-carry trades, but it has recovered from an overnight low of 113.23, which was the lowest price seen since Sept. 10.Although there was no official G-7 statement on the dollar, U.S. Treasury Secretary Henry Paulson said Friday that a strong dollar was still in the U.S. nation's interest. Euro group president Jean-Claude Juncker also said Friday that euro zone had noted 'with great attention' that a strong dollar was in the interest of the U.S. Juncker said the euro zone was monitoring exchange rates 'in particular in light of recent sharp moves' in currencies.Tomi Kilgoretk1COPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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