A report today may show U.S. housing starts slipped to a 14- year low in October, prompting traders to raise bets the Federal Reserve will cut interest rates by December. The dollar also slid on speculation a group of six Arab nations will change their fixed exchange rates to the U.S. currency. The yen fell versus all 16 of the major currencies as global stocks rose.
``The dollar right now is the `persona non-grata' of the currency world,'' said Boris Schlossberg, senior currency strategist at DailyFX.com in New York.
The dollar weakened to $1.4778 per euro as of 7:55 a.m. in New York from $1.4665 late yesterday. It touched $1.4797, the lowest since the 13-nation currency was started in 1999. It rose to 110.39 yen from 109.76 yen, and fell to a record low of 1.1070 versus the franc from 1.1152 yesterday.
The yen fell as European and Asian stocks gained, giving traders confidence to buy higher-yielding assets funded by selling the Japanese currency. The currency slid 2.3 percent against the Norwegian krone as investors returned to so-called carry trades.
Source: Bloomberg
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