Dollar gains on worries about European economies
The dollar rose against the euro and pound in Asian trade Monday on growing speculation about interest rate cuts in Europe to shore up flagging economic growth there, dealers said.
Sterling fell below 1.85 dollars for the first time in more than two years, hit by mounting concerns about the health of the British economy.
The euro slipped to 1.4713 dollars in Tokyo afternoon trading from 1.4779 in New York late Friday and to 161.89 yen from 162.61.
The dollar was also trading at 110.03 yen compared with 110.01 yen in New York.
"It's not any specific cue today, but the pound has entered a technical downtrend," Keiichi Iguchi, a dealer at Resona Bank, told Dow Jones Newswires.
"Technical selling for the euro isn't that strong yet, but the euro is still likely to fall a little more," he said." Many players appear to be keen to buy back the dollar.”
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