Dollar Drops Amid Speculation Gains Too Fast; Kiwi Jumps The dollar dropped against peers, heading for its biggest one-day slide since May, amid speculation the currency had gained too much, too fast over the past month. The New Zealand kiwi jumped more than 1 percent and Australia’s dollar rallied from near an eight-month low as policy makers eased property restrictions in China, the South Pacific nations’ biggest trading partner. The euro rebounded from near a two-year low ahead of a European Central Bank meeting today. The greenback headed for a two-day decline after rising above 110 yen yesterday for the first time since 2008. “The dollar is consolidating after reaching 110 yen, and other currencies which were a bit oversold against the dollar are being bought back,” said Marito Ueda, senior managing director at currency-margin company FX Prime Corp. in Tokyo. “Investors are adjusting their positions ahead of the ECB meeting as the dollar’s recent rise has been quite rapid.” read more : forex-tsd/financial-news-analytics/26338-forex-news-680.html#post706126
Posted on: Thu, 02 Oct 2014 05:57:24 +0000
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