BZ: US Dollar Weakens Against Euro After Obama Tax Agreement
The dollar further weakened against most of its major counterparts today after US President Barack Obama said he would maintain tax reductions in 2011 to help the economy.
This has boosted investor demand for higher-yielding assets, with US Treasuries trading lower than yesterday's close in pre-market trading.
The dollar slipped 0.5 percent to $1.3374 per euro as of 8:28 a.m. in New York, from $1.3308 yesterday, when it touched $1.3442, the lowest since Nov. 23. The greenback rose 0.2 percent to 82.74 yen, after earlier touching 82.34 yen, the lowest since Nov. 12. The Japanese currency was at 110.67 per euro, from 110.
