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US dollar edges lower amid global growth worries

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The US dollar edged lower against the euro and yen on Tuesday as another fall in oil prices stirred worries about the weak global economy.

[NEW YORK] The US dollar edged lower against the euro and yen on Tuesday as another fall in oil prices stirred worries about the weak global economy.

The dollar fell to US$1.0917 per euro around 2200 GMT from US$1.0893 at the same time on Monday. The greenback slipped 0.8 per cent to 120.01 yen.

Equity markets and oil prices have tumbled for two days after strong gains on Friday following the Bank of Japan's surprise interest rate cut into negative territory kickstart the world's third-largest economy and fend off deflation.

"The fact that sentiment has soured so quickly after another one of the world's largest central banks adopted negative interest rates and pledged to do more to ease conditions if needed, highlights the extent to which investors are worried about the global economic outlook," said Omer Esiner of Commonwealth Foreign Exchange.

AFP

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