FOREX News

Dollar hits low for year as gold breaches $1,000


NEW YORK: The dollar fell to a low for the year on Tuesday against the euro and a basket of major currencies as gold prices shot past $1,000 an Where Re comes from & goes
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ounce for the first time since February.

Rising stock markets in Europe and Asia helped propel stocks higher, analysts said, after commitments from global leaders this weekend to continue underwriting the global recovery.

The 16-nation euro rose as high as $1.4493, its strongest level this year, in European trading, from $1.4337 late Monday. New York markets were closed Monday for the Labor Day holiday.

The British pound rose to $1.6560 from $1.6335, while the dollar dropped to 92.16 Japanese yen from 92.96 yen.

The dollar index fell as low as 77.14 against a basket of six major world currencies that includes the euro, yen, Canadian dollar, British pound, Swedish krona and Swiss franc. That's its lowest point since last September.

Markets have been rising on the back of weekend announcements by finance officials from the Group of 20 leading economies.

The officials welcomed improvements in economic growth but warned recovery was not sustainable without continued government help in the form of deficit spending, low interest rates and efforts to expand the money supply.


Source: economictimes.indiatimes.com