Dollar Drops Most in 11 Months as Fed Follows ECB With Stimulus
This article is for subscribers only.
The dollar fell by the most in 11 months against the euro after the Federal Reserve said it would start a third round of asset purchases to boost the economy, which tends to debase the currency.
The greenback completed its longest stretch of weekly losses against the 17-nation currency since October 2010 after the European Central Bank said last week it would purchase bonds to address the region’s debt crisis. The dollar touched its lowest level in seven months against the yen before Japanese officials signaled they are ready to intervene to stem the currency’s strength. The Bank of Japan holds a policy meeting Sept. 19.