America Fade: Dollar record low Vs. Yen

0 Posted by - October 21, 2011 - Career & Business, Economics

 America Fade: Dollar record low Vs. Yen*Taken from Reuters.

The U.S. dollar slumped to a record low against the yen on Friday in its biggest one-day decline in nearly two months, bringing back into focus the threat of official intervention to weaken the Japanese currency.

Traders reported initial large selling of dollars from a U.K. clearer and macro funds, and losses accelerated after the pair broke through a series of stops around 76.30 and 75.90.

“No specific news. Just general investor impatience with the Bank of Japan’s lack of a yen weakening policy,” said Tommy Molloy, chief dealer at FX Solutions at Saddle River, New Jersey.

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