Dollar Drops to 15-Year Low Against Yen on Fed Policy Outlook
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The dollar fell below 81 yen for the first time since April 1995 as initial jobless claims rose and the trade deficit widened, adding to speculation U.S. efforts to ease monetary policy will erode the value of the currency.
Greenback losses deepened earlier after Singapore allowed appreciation of its currency in a bid to control inflation, pulling back from an effort to stem gains. Australia’s dollar rallied to a record and Canada’s dollar reached parity for the first time since April as investors sought the currencies of nations with higher-returning assets.