Dollar declines versus euro, yen

The US dollar was weaker versus the euro and the yen Monday after the president of the Minneapolis Fed said that he believes US credit markets will get worse and on the possibility that house prices will be lower and that there were fewer jobs in the US in July when new reports on both issues are released later in the week.

In late morning trade in New York, the dollar traded at $1.5750 to the euro while it took ¥107.7800 to buy a dollar.

The pound was down versus the euro and the greenback on more declines in house prices in England and Wales in July and ahead a new Bank of England report on mortgage approvals, due out tomorrow

It took $1.9936 to buy a pound before noon in New York, while the pound traded at 79p to the euro.

The South African rand, meanwhile, gained on the US dollar on speculation that the South African Reserve Bank will raise interest rates yet again in the face of rising inflation there.

The rand traded at R7.5145 to the dollar and at R11.845 to the euro at late morning in New York.

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