Dollar hits 15-year low against yen, one-month low against euro

08:09, September 15, 2010      

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The dollar weakened against all major currencies on Tuesday as better-than-expected economic data and speculation of no immediate government intervention in Japanese yen weighed on the greenback.

The dollar hit a 15-year low against the yen, nearing 83 yen level, while the euro rallied above 1.30 dollars. The dollar also fell below one Swiss franc.

Both the yen and Swiss franc have strengthened against the dollar this summer with growing concerns that the U.S. economic growth would slow sharply in the second half of the year.

On Tuesday, upbeat economic data prompted risk appetite. The U. S. Commerce Department reported that total retail sales in August rose 0.4 percent following a revised 0.3 percent rise in July. Meanwhile, business inventories rose one percent in July, exceeding the 0.7 percent increase market had expected.

In Japan, current Prime Minister Naoto Kan won the ruling party leadership vote, prompting market speculation that there won't be an immediate action to weaken the yen.

In late Tuesday trading, the euro rose to 1.3019 dollars from 1. 2867 dollars late Monday, while the British pound gained to 1.5569 dollars from 1.5408 dollars.

In other trading, the dollar fell to 83.07 Japanese yen from 83. 63 yen, slid to 0.9950 Swiss francs from 1.0085 francs and dipped lower to 1.0248 Canadian dollars from 1.0271 Canadian dollars on late Monday.

Source: Xinhua


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