Dollar Falls to Lowest Since '95 Versus Yen; Bush Cites Decline
March 13 (Bloomberg) -- The dollar fell to the lowest since 1995 against the yen after U.S. President George W. Bush said the dollar is ``adjusting.''
The U.S. currency also slid to a record low against the euro as Bush said its decline was not ``good tidings'' for proponents of a strong dollar. It traded near an all-time low versus the Swiss franc before a government report today that may show U.S. consumer spending slowed as record high oil prices sap purchasing power.
``Bush's comments were about as lukewarm as you can get,'' said Brian Dolan, research director at Forex.com, a unit of currency trading firm Gain Capital in Bedminster, New Jersey. ``Some may have interpreted his `adjusting' comment as tacit acceptance that we're in a broad-based dollar devaluation.''
The dollar traded at $1.5535 per euro at 8:27 a.m. in Tokyo from $1.5551 in late New York yesterday. It touched $1.5573 per euro, the weakest level since the European currency's 1999 debut. The U.S. currency traded at 101.49 yen after reaching 101.10, the lowest since December 1995. Full Story-
