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Dollar Weakens as Obama Says Deficit Deal Is Close

The dollar fell against most of its biggest peers as President Barack Obama said Congress is “close” to a deal to protect all but top earners from a tax increase as part of deal to avert the so-called fiscal cliff.

The yen weakened to a 28-month low against the greenback after Finance Minister Taro Aso told reporters at a Dec. 28 briefing that the U.S. should have a stronger dollar. The 17-nation euro fell against most of its 16 major peers as German Chancellor Angela Merkel said the region’s debt crisis was “far from over.”