Dollar Rises as China Curbs Lending; Euro Falls on Greek Debt

The dollar and yen rose against most of their major counterparts as steps by China to limit bank lending reduced demand for higher-yielding assets. The euro fell to a five-month low versus the dollar as Greece’s bonds tumbled.

New Zealand’s dollar slid the most against the greenback in almost two months as global stocks dropped and the South Pacific nation’s consumer prices unexpectedly declined. The euro weakened for a seventh day versus the pound as International Monetary Fund Managing Director Dominique Strauss-Kahn said Greece’s budget problems are serious.

“Efforts from China to slow bank loans and news about Greece are triggering dollar buying across the board,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co. in New York. “Risk reduction is the theme of the day. Equity markets are lower.”

Read Full Article from BusinessWeek

- Posted: 2010-01-20 11:07:06

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