Dollar slips on global growth jitters
The dollar weakened against other major currencies Monday amid concerns about slowing global growth.
NEW YORK (AFP) - The dollar weakened against other major currencies Monday amid concerns about slowing global growth and the Federal Reserve s outlook for raising near-zero interest rates.
The dollar accelerated its losses after Wall Street stocks closed sharply in negative territory, extending Friday s rout.
The bond market was closed and there were no official economic data releases as federal offices observed the Columbus Day holiday.
"America s buck followed up its first week in the red in months with more losses, keeping the greenback below recent two- and four-year highs against the euro and a currency basket," said Western Union Business Solutions in a market report.
"The dollar s sentiment setback traces back to last week s dovish minutes from the Federal Reserve s mid-September meeting," it said.
Fed officials stressed "patience" in waiting to raise interest rates, worrying about weaker foreign economic growth and the stronger dollar.
