Tags: Barack Obama | Economic- Crisis | ASBNX | ASIA | ASIASTAFF | ASIASTORY | AUBN

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

Thursday, 08 Sep 2011 09:21 PM

 

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 2015 Bloomberg News. All rights reserved.

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:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Robert Gates: US Has Unrealistic Goals on ISIS, Russia

Sunday, 01 Feb 2015 12:54 PM

Though the United States and its allies have made steps to control the Islamic State (ISIS), they are not winning the ba . . .

Illegals Could Wait Until 2019 to Have Cases Resolved

Sunday, 01 Feb 2015 11:13 AM

Thousands of immigrants seeking legalization through the U.S. court system have had their hearings canceled and are bein . . .

Christie Visits U.K. While Mulling Decision Whether to Run in 2016

Sunday, 01 Feb 2015 12:44 PM

With the 2016 presidential contest looming back home, New Jersey Governor Chris Christie is visiting the U.K. this week  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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