Dollar rebounds on euro zone worry

08:15, November 09, 2010      

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The U.S. dollar rebounded against major currencies in late New York trading on Monday as worries on the euro zone pushed down the euro.

Reports showed that the cost of protecting government debt against default in Ireland and Spain rose on Monday on fears about Ireland's ability to fund its budget.

The cost to protect 10 million euros-worth of Irish government bonds rose to 607,000 euros. The concern on the European debt problem went back to markets and investors dumped the euro in Monday's trading session. The euro fell below 1.39 against the dollar. Some investors believed it would trigger a near-term move toward 1.37.

However, most investors still bet on dollar's further drop as the Fed's new stimulus plan would pour large amount of dollars in the market which would devalue the dollar.

In late Monday trading, the dollar bought 81.21 Japanese yen, comparing with 81.32 late Friday, and the euro fell to 1.3923 dollars from 1.4245.

The British pound also fell to 1.6132 dollars from 1.6189. The dollar rose from 0.9612 to 0.9655 against Swiss francs, and also rose to 1.0026 Canadian dollars from 1.0004.

Source: Xinhua


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