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Markets anticipate difficult year for dollar.
(From FT Investor (Stories))
Markets will open on Thursday morning holding out the prospect of another difficult year for the dollar, which in 2002 suffered its biggest annual fall in 15 years.
Over the past year the dollar has lost 9.6 per cent of its value against a trade-weighted basket of other currencies.
The US currency continued its decline over the holiday season, and during the New Year's Eve holiday, the euro briefly touched $1.05 - its highest level against the dollar for more than three years. Renewed fears about the American economy's prospects and the threat of further shocks have soured investors' interest in US assets.
The trade-weighted fall in the dollar last year was the steepest since its 16.9 per cent drop in 1987.
As market expectations of an imminent war with Iraq have grown, the dollar has failed to take advantage of its traditional status as a safe haven for investors, losing out to other traditional bolt-holes such as gold and the Swiss franc.
At a time of global uncertainty, risk aversion appears to be pushing investors towards leaving their money in domestic markets, weakening the capital inflows which have supported the dollar.
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