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Dollar extends losses on economic fears

Apr 15, 2008 Market Outlook

Dollar dips amid downbeat sentiment

By William L. Watts, MarketWatch

Last Update: 4:39 AM ET Apr 15, 2008

LONDON (MarketWatch) - The U.S. dollar was slightly lower against most major
counterparts Tuesday, and remained near its all-time low against the euro amid
ongoing concerns about the depth of the U.S. economic downturn.

Traders said weak dollar sentiment was underscored by the greenback’s inability
to post a lasting rebound Monday after finance ministers and central bankers from
the Group of Seven industrial nations expressed alarm over volatile currency
fluctuations.

Recent dollar corrections “are far from convincing” with the euro still within
striking distance of the all-time high of $1.5915 set last week, said economists
at KBC Bank. “The quick rebound [Monday] in euro/U.S. dollar after the G7 also
illustrates that dollar sentiment remains very fragile.”

The euro was 0.1% higher against the dollar t $1.5855. The dollar was down 0.2%
against the Japanese yen at 100.92 yen and off 0.3% against the Swiss unit to
0.9961 francs. The British pound lost ground against the greenback, slipping 0.2%
to $1.9716. See real-time currency prices.

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Technorati Tags: British Pound, Counterparts, Currency Fluctuations, Currency Prices, Dollar Dips, Economic Downturn, Economists, Euro Dollar, Fears, Finance Ministers, G7, Greenback, Japanese Yen, Losses, Marketwatch, Rebound, Sentiment, Striking Distance, Watts, Weak Dollar

Tags: British Pound, Counterparts, Currency Fluctuations, Currency Prices, Dollar Dips, Economic Downturn, Economists, Euro Dollar, Fears, Finance Ministers, G7, Greenback, Japanese Yen, Losses, Marketwatch, Rebound, Sentiment, Striking Distance, Watts, Weak Dollar