Dollar Falls to 2-Month Low

Singapore, 12 Jun (ONA) --- The dollar fell today amid growing expectations that the Federal Reserve (US central bank) will cut interest rates.

Against a basket of currencies, the dollar fell to its lowest since April 22 at 98.284.

The dollar's sharp decline pushed the euro to a seven-week high early in the session, before the single European currency pared some gains, last trading at USD 1.1515.

Sterling rose 0.34 percent to USD 1.3583, while the yen climbed 0.4 percent to 143.95 per dollar.

The dollar also fell 0.44 percent against the Swiss franc to 0.8169, the New Zealand dollar rose 0.1 percent to USD 0.6033, the Chinese yuan rose 0.2 percent in onshore trading to USD 7.1810, and the Australian dollar fell 0.12 percent to USD 0.6496.

The euro maintained strong gains today after surging against most other currencies in the previous session.

---Ends/AG