Dollar slips on concerns about further monetary policy

08:45, September 21, 2010      

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The U.S. dollar slipped against major currencies in late New York trading on Monday as the market worried about Federal Reserve's further monetary policy.

The National Bureau of Economic Research (NBER) announced in a statement on Monday that the recession was officially over in June 2009. It also means any downturn in the economy after June 2009 will be regarded as a new recession according to the statement.

The market feared further economic stimulus measures that could be taken by the Fed, which would hold a meeting on Tuesday to discuss the economic situation and whether to implement new monetary policies.

A very likely new quantitative easing policy would widen the yield gap between dollar and other currencies and it would lead to depreciation of the dollar.

In late Monday trading, the dollar bought 85.77 Japanese yen compared with 85.79 yen late Friday, and the euro rose to 1.3062 dollars from 1.3043 dollars.

The British pound fell to 1.5545 dollars from 1.5625 dollars. The dollar fell from 1.0102 to 1.0061 against Swiss francs, and also fell to 1.0287 Canadian dollars from 1.0311 Canadian dollars.

Source:Xinhua

(Editor:黄蓓蓓)

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