Dollar Weakens vs Euro After Obama’s Address on Jobs Plan

Thursday, 08 Sep 2011 09:21 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The dollar weakened against the euro, paring its weekly gain, after President Barack Obama spoke to Congress and proposed a $447 billion plan to spur U.S. job creation.

The greenback fell to $1.3920 per euro at 9:38 a.m. in Tokyo from $1.3882 yesterday in New York.

Treasurys declined after Obama announced the infusion into the U.S. economy, reducing demand for the safest assets.

The package is heavily geared toward tax cuts, which account for more than half the dollar value of the stimulus. Longer-maturity bonds led losses before the Treasury Department sells $66 billion in three-, 10- and 30-year debt next week.

Obama’s speech “may be a little negative for Treasuries,” said Hiromasa Nakamura, a senior investor at Mizuho Asset Management Co. in Tokyo, which oversees the equivalent of $39 billion and is a unit of Japan’s second-largest bank by assets. “U.S. yields may pick up a little bit, but in the medium term, I forecast yields will decline further.”

Yields on 10-year notes rose three basis points, or 0.03 percentage point, to 2.01 percent at 9:24 a.m. in Tokyo, according to Bloomberg Bond Trader prices. The 2.125 percent securities due in August 2021 fell 9/32, or $2.81 per $1,000 face amount, to 101 1/32. The yield slid to 1.9066 percent on Sept. 6, the lowest on record.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Obama Plan Would Let Young Hondurans Enter US as Refugees

Thursday, 24 Jul 2014 23:24 PM

The Obama administration is considering a two-year, $47 million pilot program that would screen children and young adult . . .

US Army War College to Launch Plagiarism Probe on Senator's Thesis

Thursday, 24 Jul 2014 21:36 PM

The political hole deepens for beleaguered U.S. Sen. John Walsh of Montana, a Democrat who is running for re-election a . . .

Honduran President: US Policy Partly to Blame for Border Crisis

Thursday, 24 Jul 2014 21:10 PM

The president of Honduras lays part of the blame for the border crisis on an unclear immigration policy of the United St . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved