Greenback plumbs new lows Traditional hedge gold edges up to 16-year high as US dollar declines against the euro and Asian units.

(From South China Morning Post)

Byline: currencies Anette Jonsson

Strong payroll numbers for last month failed to stem the US dollar's decline yesterday, with the greenback plumbing new record lows against the euro and falling against most other leading currencies in Asian trading.

Local spot prices for gold - a traditional refuge during times of greenback frailty - edged up 0.3 per cent to a 16-year high of US$435.25 an ounce at midday.

Instead of focusing on signs of economic growth, Asian investors concentrated on the United States' budget and trade deficits, analysts said.

With regional central banks less concerned about …