Dollar Drops Versus Peers Before Confidence Data, Fed
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The dollar weakened against most of its 16 major counterparts as investors pared bets the Federal Reserve will signal a change to its asset-buying program at the end of a two-day meeting tomorrow.
The U.S. currency was 0.2 percent from its lowest in 11 months versus the euro before a report today forecast to show confidence among U.S. consumers declined this month. The yen climbed as investors reduced wagers it would keep falling after sliding for the past 11 weeks in the longest losing streak on record. New Zealand’s dollar rose, snapping a three-day drop as figures showed the nation’s annual trade deficit narrowed.
“We’re going to get a pretty clear reiteration from the Fed that quantitative easing will continue for quite some time,” said Sean Callow, a senior currency strategist at Westpac Banking Corp. in Sydney. “The strong dollar story is a tough case to make right now.”
The dollar traded at $1.3440 per euro as of 3:03 p.m. in Tokyo from $1.3456 in New York. It reached $1.3479 per euro on Jan. 25, the weakest level since Feb. 29, 2012. The dollar fell 0.2 percent to 90.69 yen. Japan’s currency gained 0.3 percent to 121.96 per euro.
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