Euro declines against dollar
Wednesday, 27 August 2008
TOKYO, Aug 26 (AFP): The euro declined against the dollar and the yen in Asian trade today on worries about the health of the eurozone economies and the Georgia conflict, dealers said.
The euro fell to 1.4689 dollars in Tokyo from 1.4751 in New York late Monday, and to 161.10 yen against 161.25. The dollar rose to 109.69 yen from 109.31.
"Players now speculate that conditions of the European economy are worse than that of the US economy," Hiroshi Yoshida, a senior dealer at Shinkin Central Bank, told Dow Jones Newswires. "Players are buying back the dollar."
The market was waiting for the Ifo index of the business climate in Germany, the biggest economy in the 15-nation eurozone, due out later in the day, followed by a report on new home sales in the United States.
The euro was also weighed down by worries about Russia's recent military action in Georgia, said Saburo Matsumoto, chief forex strategist at Sumitomo Trust Bank.
"I personally believe the euro is more negatively affected (than other currencies) by a deepening row between Russia and Western countries over Georgia," he said.
The euro fell to 1.4689 dollars in Tokyo from 1.4751 in New York late Monday, and to 161.10 yen against 161.25. The dollar rose to 109.69 yen from 109.31.
"Players now speculate that conditions of the European economy are worse than that of the US economy," Hiroshi Yoshida, a senior dealer at Shinkin Central Bank, told Dow Jones Newswires. "Players are buying back the dollar."
The market was waiting for the Ifo index of the business climate in Germany, the biggest economy in the 15-nation eurozone, due out later in the day, followed by a report on new home sales in the United States.
The euro was also weighed down by worries about Russia's recent military action in Georgia, said Saburo Matsumoto, chief forex strategist at Sumitomo Trust Bank.
"I personally believe the euro is more negatively affected (than other currencies) by a deepening row between Russia and Western countries over Georgia," he said.