Bloomberg News

Dollar Rises Against Euro, Kiwi, Aussie in Early Asia Trading

September 04, 2011

Sept. 5 (Bloomberg) -- The U.S. dollar advanced against the euro, the Australian and New Zealand currencies, extending gains from last week that had come amid concern Europe’s sovereign- debt crisis will worsen.

The dollar climbed to $1.4167 in early Asia-Pacific trading from $1.4205 at the end of last week in New York, and rose to 76.87 yen from 76.80 yen. The greenback strengthened against the New Zealand dollar to 84.44 cents from 84.81 cents and advanced to $1.0617 per Australian dollar from $1.0645.

The euro fell last week versus most peers as the premium European banks pay to borrow in dollars through the swaps market increased to the most since May 2010, a sign of concern that officials in the region are struggling to contain the fiscal crisis.

The euro slid 4.2 percent to 1.1201 francs in the five days ended Sept. 2, the biggest decline since the 17-nation currency’s debut in 1999. The euro was down 2 percent last week to $1.4205.

--Editor: Garfield Reynolds

To contact the reporter on this story: Chris Bourke in Wellington at cbourke4@bloomberg.net

To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net


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