Monday, July 23, 2007

Dollar Declines to Lowest in Two Months on U.S. Subprime Mortgage Concerns

(Bloomberg) -- The dollar fell to the lowest in two
months against the yen on concern U.S. subprime mortgage losses
will worsen.

The U.S. currency weakened for a third day on prospects a
National Association of Realtors report tomorrow will show U.S.
existing-home sales dropped last month to the lowest in four
years. Federal Reserve Chairman Ben S. Bernanke testified before
Congress last week that there will be ``significant'' losses on
loans to homeowners with poor credit.


Read more at Bloomberg Currencies News

No comments: