The Dollar Index reached a 12-month low as the economic reports boosted demand for higher-yielding currencies and Asian stocks extended a global rally. The dollar slid to a one-year low against the euro before reports that may show Europe's trade surplus is growing and the U.S. housing market is improving.
The yen fell against 13 of the 16 most-active currencies as dollar-borrowing costs at a record low helped Japanese investors buy more overseas assets. It also weakened after data showed Japanese purchases of foreign bonds reached a four-year high.
The Dollar Index, which tracks the U.S. currency against the euro, yen, pound, Canadian dollar, Swiss franc and Swedish krona, sank to 76.067 today, the lowest level since Sept. 23, 2008.
The dollar traded at $1.4743 per euro at 7:30 a.m. in London from $1.4709 yesterday in New York. It earlier reached $1.4767, the weakest level since Sept. 25, 2008. The yen was at 90.95 per dollar from 90.93 yesterday, when it hit 90.13, the strongest level since Feb. 12. Japan’s currency declined to 134.13 per euro from 133.78.
Australia's currency rose to 87.74 U.S. cents from 87.35 cents yesterday, after earlier touching 87.75 cents, the most since Aug. 22, 2008. New Zealand’s dollar was at 71.56 U.S. cents from 71.41 cents in New York. It earlier reached 71.58 cents, also the strongest since Aug. 22, 2008.
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