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Dollar drops after Sandy's landfall

(Xinhua)

13:35, October 31, 2012

The U.S. dollar retreated against all of its counterparts on Tuesday after Hurricane Sandy made its landfall at New Jersey on the East Coast Monday, and New York currency trading continued to be light following the catastrophic hurricane.

Some analysts speculated on the reason for dollar's drop was that damage caused by the hurricane may be less than previously estimated and demand for safe assets contracted.

Spain's economic growth data favored the euro as the National Statistics Institute said the country's gross domestic product declined 0.3 percent in the third quarter, and the decrease was less than the central bank's prediction of 0.4 percent on Oct. 23.

The yen strengthened against the dollar as the Bank of Japan added 11 trillion yen (about 138.16 billion U.S. dollars) to the current asset-purchasing program after a policy meeting, less the general expectation of 10 trillion yen (125.61 billion U.S. dollars).

The New York stock markets were closed for a second day on Tuesday, but the New York Stock Exchange said it would resume trading Wednesday.

In late New York trading, the euro rose to 1.2962 from 1.2904 of the previous session, and the British pound climbed to 1.6077 dollars from 1.6034.

The dollar declined to 0.9323 Swiss francs from 0.9365 and dropped to 0.9996 Canadian dollars from 1.0008. The dollar bought 79.60 Japanese yen, lower than 79.82 in the previous session.

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