SF: Dollar Falls for 10th Consecutive Day as Risk Appetite Swells
May 2 (Bloomberg) -- The dollar fell for a 10th straight day against the currencies of its major trading partners as investors sought higher-yielding assets with the Federal Reserve forecast to keep interest rates at record lows.
IntercontinentalExchange Inc.'s Dollar Index, which tracks the greenback against six major currencies including the yen, euro and pound, earlier advanced following the reports of al- Qaeda leader Osama bin Laden's death. Global stocks rose, with the Standard & Poor's 500 index gaining for a fifth day.
"Even though we're still seeing fairly stronger growth in the U.S., it's not as strong as it has been," said David Mann, head of currency research at Standard Chartered Plc in New York.
The Dollar Index fell 0.2 percent to 72.764 at 11:05 a.m. in New York, from 72.933 April 29. The euro rose 0.5 percent to $1.4887, and the yen added 0.1 percent to 81.08 per dollar, after falling earlier.
The S&P 500 Index advanced 0.4 percent, while the MSCI World Index gained 0.6 percent.
The Institute for Supply Management's factory index was at 60.4 in April, slipping from 61.2 the previous month, the Tempe, Arizona-based group said today. Manufacturing expanded for a 21st straight month, the group said. Readings above 50 signal expansion.
