The
dollar declined from the highest level in more than five years amid
speculation the currency may have strengthened too much, too fast.
The greenback slipped
versus most of its 16 major peers after a gauge of the Bloomberg Dollar
Spot Index™s relative strength exceeded 70 on Nov. 28, a level some
traders consider a signal an asset may reverse course. Russia™s ruble
led a drop by some commodity-producing nations™ currencies as oil
reached a five-year low. The yen gained after weakening to a seven-year
low as Moody™s Investors Service cut Japan™s credit rating.
Bloomberg™s dollar
index, which tracks the greenback against the currencies of 10 trading
partners, sank 0.3 percent to 1,103.69 at 4:11 p.m. in New York. It
closed on Nov. 28 at 1,106.90, the highest level since March 2009, as it
gained for a sixth consecutive week.
The dollar fell 0.2
percent to 118.36 yen, after earlier touching 119.14 yen, the strongest
since August 2007. The U.S. currency depreciated 0.2 percent to $1.2473
per euro. The 18-nation currency was little changed at 147.64 yen.
Source : Bloomberg
