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Dollar
March 25, 2008

Will the weak US economy diminish the hopes for a Dollar recovery?

Dollar

"Dollar rally fades as US growth worries return

The dollar ended a four-day rally on Tuesday, falling across the board on resurgent pessimism about the US economy.

The dollar had rallied in the run-up to the Easter break as profit-taking in commodity markets saw investors return to cash.

But that ended yesterday, with growing scepticism about the chances of a sustained recovery.

'We remain cautious on the economic outlook for the US and downward pressure on the prices of mortgage-backed securities is still in place,' said Geoffrey Yu, currency strategist at UBS.

The dollar eased closer to the $2 mark against the pound. Sterling rose 0.5 per cent to $1.9971.

'A convincing move through these levels would suggest the dollar bears are re-asserting their dominance and would lend support to arguments that the recent bounce was largely technical in nature,' said Marc Chandler, currency strategist at Brown Brothers Harriman.

The dollar fell 1 per cent to $1.5577 against the euro and dropped 0.6 per cent to Y100.11 against the yen."

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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