SF: Dollar Falls as Corporate Earnings View Spurs Demand for Risk
July 13 (Bloomberg) -- The dollar declined against most of its major counterparts as speculation U.S. corporate earnings will beat the estimates of analysts encouraged investors to buy higher-yielding assets.
The euro rose versus the greenback as Greece sold Treasury bills at a rate below the 5 percent charged by the European Union when it rescued the nation from default, indicating demand where Europe's sovereign-debt crisis originated. The euro earlier dropped after Moody's Investors Service reduced Portugal's credit rating.
"Now that we've gotten through the Greek bond market auction, the focus is off Europe," said Amelia Bourdeau, a currency strategist in Stamford, Connecticut, at UBS AG. "We're looking forward to U.S. data and earnings results."
The dollar slid 0.3 percent to $1.2638 versus the euro at 9:36 a.m. in New York, from $1.2596 yesterday. The euro appreciated 0.1 percent to 111.73 yen, from 111.62. The yen climbed 0.2 percent to 88.42 per dollar, from 88.62.
Greece sold 1.625 billion euros of 26-week Treasury bills at a yield of 4.65 percent, the debt agency said today. Investors bid for 3.64 times the securities offered, the Public Debt Management Agency in Athens said.
Portugal was cut two notches to A1 at Moody's, which cited a growing debt burden and weak economic growth prospects.
--With assistance from Matthew Brown in London and Yasuhiko Seki in Tokyo. Editors: Dennis Fitzgerald, Dave Liedtka
