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Dollar falls amid reduced safety demand

Published: 05/10/2009 05:00

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The dollar fell against major currencies on Monday after strong non-manufacturing sector data and rising stocks reduced safety-haven demand for the greenback.

The composite index of U.S. non-manufacturing activity rose to 50.9 in September, the highest level since May 2008, the Institute of Supply Management reported on Monday. It was the first time the index broke through the threshold of 50 in 13 months. A reading above 50 indicates expansion.

The report also showed that the business activity index jumped by a solid 3.8 points to 55.1. New orders moved up by a surprisingly solid 4.3 points, mainly driven by rising domestic orders. Employment continued to contract at about the same pace in September as it did in August. The increase in new orders and bigger increase in backlogs suggests these businesses may soon need to resume hiring, analysts said.

Analysts of Goldman Sacks lifted their ratings for some major U.S. banks on Monday, as the group got more optimistic about the sector. The rating of Wells Fargo was upgraded to buy from neutral. Capital One was added in Goldman Sach’s conviction buy list, which already includes P. Morgan Chase and Bank of America. The comments lifted market sentiment, boosting risk appetite in currency trading.

The euro bought 1.4661 dollars in late New York trading compared with 1.4537 dollars it bought late Friday. The pound rose to 1.5947 dollars from 1.5919 dollars.

The dollar fell to 1.0697 Canadian dollars from 1.0830 Canadian dollars, and fell to 1.0313 Swiss francs from 1.0345 Swiss francs. It fell to 89.51 Japanese yen from 89.63 Japanese yen.

VietNamNet/Xinhuanet

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