Dollar Erases Losses Against Euro After Falling to Record Low

Sept. 12 -- The dollar erased losses against the euro after earlier falling to a record low, and pared its decline versus the yen.

The dollar declined for a sixth day against the common European currency, the longest losing streak since April, as investors bet the U.S.'s interest-rate advantage over Europe will narrow amid the housing market slump.

The dollar traded at $1.3844 per euro by 9:05 a.m. in London, little changed on the day, after earlier declining to an all-time low of $1.3878. That compares with the previous low of $1.3852 reached on July 24.

The U.S. currency also slipped to 114.07 yen from 114.27 yesterday, on speculation Japanese investors will trim riskier overseas bond holdings after Prime Minister Shinzo Abe said he will resign.

By Lukanyo Mnyanda (Bloomberg)

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