Dollar drifts, investors nervous on US outlook

Reuters
Posted online: Wednesday, March 26, 2008 at 1007 hrs IST

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breathing space for risk appetite," said currency strategists at UBS in a note to clients.

Investors are now awaiting Germany's Ifo survey, which is forecast in a Reuters poll to fall to 103.4 from 104.1. The confidence figure is seen as a key barometer of how the biggest Economy in the euro zone is faring.

A decline in Asian stock Markets made some traders cautious about using the low-yielding yen as a cheap source of funds to buy higher-yielding currencies in carry trade.

The New Zealand dollar, a bellwether of the carry trade, dipped about 0.7 percent against the yen to 80.17 yen. Japan's benchmark Nikkei share average was down 1 percent in afternoon trade.

The market shrugged off data showing Japan's trade surplus rose only 0.9 percent in February from a year earlier. Exports beat forecasts thanks to solid shipments to Europe and China, but a surprisingly big rise in imports eroded the contribution....

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Dollar drifts, investors nervous on US outlook

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