Dollar Weakens on G-20 Vow

Monday 25th, October 2010 / 11:36 Published by

The dollar weakened, touching a 15-year low against the yen, amid skepticism the Group of 20 pledge to avoid devaluations will stem the U.S. currency’s decline. Stocks and Treasuries rose, while copper and cotton rallied.

The dollar depreciated against all 16 of its most-traded counterparts, slipping 1.1 percent to 80.49 yen and 0.4 percent to $1.4007 per euro at 10:03 a.m. in New York. The yield on the 30-year U.S. Treasury bond fell five basis points to 3.88 percent. The MSCI World Index gained 1 percent, while the Standard & Poor’s 500 Index increased 0.9 percent to the highest level since May. Cotton jumped to a record as a cold front in China threatened the harvest.

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