By Chris Bourke - Oct 3, 2011 1:51 AM GMT+0700
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The U.S. dollar advanced against the euro, extending gains from last week. Photographer: Tomohiro Ohsumi/Bloomberg
The U.S. dollar advanced against the euro, extending gains from last week amid concerns about a global slowdown.
The dollar climbed to $1.3349 per euro in early Asia- Pacific trading from $1.3387 at the end of last week in New York, and rose to 77.16 yen from 77.06 yen. The greenback was little changed against the New Zealand dollar to 76.10 cents from 76.14 cents and bought 96.62 cents per Australian dollar from 96.62 cents.
The dollar and the yen strengthened last week as growing evidence that the global economy is slowing boosted investor demand for currencies perceived as being the safest.
The 17-nation euro posted its biggest monthly decline against the yen in more than a year after data showed German retail sales fell by more than economists forecast and U.S. consumer spending slowed in August. New Zealand’s dollar extended its second week of losses against its U.S. counterpart after Standard & Poor’s joined Fitch Ratings in cutting the nation’s credit ratings. The Swiss franc strengthened against the euro even after the nation’s central bank said it will prevent currency gains.
To contact the reporter on this story: Chris Bourke in Wellington at cbourke4@bloomberg.net
To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net
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