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Markets & Finance

Dollar Sheds Value

MARKETSCOPE : The dollar shed value on Monday, as investors made their bets on interest rates ahead of a European Central Bank meeting on Thursday.

The dollar index was down 1.11 to 90.96 in a relentless decline, after several rounds of heavy stop loss selling since the late morning.

Meanwhile the dollar was down to 118.30 yen, off 160 points from its intra day highs. The dollar had risen against the yen earlier Monday, after news overnight that Japanese retail sales fell 0.3% in October after skidding 0.8% in September. Consumers spent less on cars and clothing, but the Nikkei surged 1.37% after a report that the post Thanksgiving shopping weekend was stronger than last year, suggesting demand for Japanese exports will remain firm.

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