The euro, more than any other currency, is responsible for the drop in the U.S. Dollar Index since March. Derivatives traders are betting that’s about to end as the Federal Reserve reduces stimulus as soon as next month.
Japan’s success in building an economy that supplies the world with everything from cars to electronics is now undermining its own efforts to keep the yen from rising at a time when few countries want a strong currency.
The dollar fell for a fifth day on speculation economic gains may not be enough to spur the Federal Reserve to reduce stimulus measures next month and as trading patterns signaled further weakness for the currency.
Henry Ellenbogen had a tough act to follow when he took over the T. Rowe Price New Horizons Fund in March 2010. His predecessor, John Laporte, had beaten three- fourths of peers in his 22-year tenure as manager.
The dollar gained against the majority of its 16 most-traded peers as a worse-than-forecast U.S. report on durable goods failed to damp speculation the Federal Reserve will start cutting bond purchases next month.