Dollar extends loss against major currencies

13:38, October 15, 2009      

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The dollar extended its loss against major currencies, touching a fresh 14-month low against the euro on Wednesday, as positive economic news reduced safe-haven demand for the U.S. currency.

JPMorgan Chase, the second largest U.S. bank, reported on Wednesday that it earned 3.6 billion dollars in the quarter from July to September, much better than expected.

JPMorgan Chase is the first major U.S. bank to report third-quarter results. Its stocks rose 3.3 percent in New York on Wednesday to a 52-week high, lifting other financial shares.

Intel Corp. said late on Tuesday that both its profit and revenue in the third quarter fell from a year ago, but still beat expectations. The world's largest chipmaker forecast fourth-quarter revenue well above Wall Street expectations, giving investors hope of a recovery in the technology sector.

Market sentiment was also boosted by reports showing that China's foreign trade continued to fall in September, but the rate of decline slowed sharply.

U.S. Federal Reserve Vice Chairman Donald Kohn reiterated on Tuesday that U.S. benchmark rates would remain near zero amid slow recovery and high unemployment.

The euro bought 1.4885 dollars in late New York trading compared with 1.4829 dollars it bought late Tuesday. It hit a 14-month high of 1.4946 dollars during the session. The pound rose to1.5986 dollars from 1.5901 dollars.

The dollar fell to 1.0250 Canadian dollars from 1.0337 Canadian dollars, and fell to 1.0147 Swiss francs from 1.0230 Swiss francs. It fell to 89.43 Japanese yen from 89.76 Japanese yen.

Source:Xinhua
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