Dollar falls against euro and yen in advance of reports
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The dollar dropped Monday against the euro in overseas trading for a fourth day before reports this week that may show the world’s largest economy is slipping further into recession.
The greenback also declined versus the yen on prospects that the Federal Reserve will pump cash into the economy in so-called quantitative easing, which can weaken a currency by increasing its supply in the financial system.
“People are worried over how bad the U.S. recession is getting, and this week’s data may heighten those concerns,” said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. in Tokyo. “The dollar is being sold.”
The U.S. currency slid 0.9%, the most since Dec. 17, to $1.4151 per euro shortly before noon in Tokyo from $1.403 on Friday in New York.
The greenback fell to 90.58 yen from 90.81 yen. The dollar has fallen 19% versus the yen this year, the most since 1987.
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