Dollar Falls on Bets Investors Seek Higher Yields as G-20 Meets

09-05-2009 • Bloomberg

The dollar dropped against most of its major counterparts on speculation investors betting on a quick recovery in the global economy bought higher-yielding assets as Group of 20 finance ministers convened. The Brazilian real and South African rand posted the biggest advances against the greenback among the most-traded currencies this week as U.S. employers slowed the rate of job cuts in August. Treasury Secretary Timothy Geithner reaffirmed his commitment to supporting the economy before conferring with G-20 officials in London. The U.S. government is scheduled to sell a combined $70 billion in notes and bonds next week.