“The dollar rose for the first time in four days against the euro after BHP Billiton Ltd. (BHP) saidChina’s steel production is slowing, boosting demand for the relative safety of the U.S. currency.
The greenback strengthened against all of its 16 major counterparts, with the biggest gains versus Asia-Pacific region currencies such as the New Zealand and Australian dollars. The U.S. currency also advanced as stocks declined around the world, spurring investor appetite for safer securities. The euro also weakened against the dollar as a report showed German producer prices rose at a slower pace last month.
Ben S. Bernanke, chairman of the U.S. Federal Reserve. Photographer: Andrew Harrer/Bloomberg
March 16 (Bloomberg) — Steven Saywell, head of foreign-exchange strategy for Europe at BNP Paribas SA, talks about the dollar, yen and rising Treasury yields. He speaks with Maryam Nemazee on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)
March 15 (Bloomberg) — Derek Halpenny, European head of currency research at Bank of Tokyo-Mitsubishi UFJ Ltd., talks about currency strategy for the yen, dollar and Swiss franc. He speaks with Maryam Nemazee on Bloomberg Television’s “The Pulse.” (Source: Bloomberg)
The dollar was at $1.3242 per euro as of 9:16 a.m. in Singapore from $1.3238 in New York yesterday. Photographer: Ali Mohammadi/Bloomberg
“Worries about a slowdown in the Chinese economy, that’s affecting risk” and boosting the dollar, said Geoffrey Yu, a currency analyst at UBS AG in London. “Yes the U.S. may be recovering but with the rest of the world in a slowdown, how beneficial is that going to be?”
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