Euro above $1.50 as dollar extends post-G20 losses

Mon Nov 9, 2009 5:39am EST
 
[-] Text [+]

LONDON, Nov 9 (Reuters) - The euro traded above $1.50 on Monday and the dollar fell broadly as currency traders continued to sell the U.S. currency for other currencies and assets following the Group of 20 meeting at the weekend.

The euro rose 1 percent on the day to $1.5006 EUR=, according to Reuters data, closing in on last month's high around $1.5060, a peak not seen since August 2008.

The dollar index, a measure of the greenback's value against six currencies, fell 1 percent to 74.997 .DXY. Last month it fell as low as 74.94, a low not seen since August last year.

Traders sold the dollar broadly on the view that U.S. interest rates will stay low for some time and that G20 policymakers were not too concerned with the dollar's weakness.

 

Featured Broker sponsored link

Analysis

Sheikh Mohammed bin Rashid al-Maktoum (C), Ruler of Dubai and United Arab Emirates' Vice President, attends the opening ceremony of Metro Dubai September 9, 2009.  REUTERS/Dubai Ruler Media Office/Handout
"Dubai model" was the vision of one man

The "Dubai model" -- building shining cities in the desert at breakneck speed through the import of foreign residents, finance and labor -- is now on the ropes.  Full Article