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Oil price recovery spurs dollar retreat

By William L. Watts & Lisa Twaronite, MarketWatch

Last Update: 8/21/2008 1:12:00 PM

SAN FRANCISCO (MarketWatch) — The U.S. dollar extended its losses against most
major currencies Thursday, losing more ground after downbeat U.S. economic data
exacerbated a sell-off linked to rebounding oil prices.

The dollar rout started earlier in the global session, sparked by more financial
sector worries, and firmer crude prices as tensions between the U.S. and Russia
escalated after the U.S. agreed to construct a missile-defense system in Poland.

The dollar index (DXY), which measures the greenback against a trade-weighted
basket of currencies, was at 76.194, down from 76.636 in London and from 76.926
in North American trading late Wednesday.

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Technorati Tags: Crude Prices, Currencies, Dollar Index, Downbeat, Dxy, Economic Data, Financial Sector, Greenback, Losses, Marketwatch, Missile Defense System, Oil Price, Oil Prices, Poland, Rivals, Rout, Russia, Tensions, Watts, Worries