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Dollar Falls Against Euro, Heads for Weekly Decline, Before G-7 Kim-Mai Cutler and Kosuke Goto The dollar fell against the euro on speculation officials from the Group of Seven nations are unlikely to agree on a plan to support the U.S. currency when they meet today. The currency weakened against the British pound today before an industry report that will probably show U.S. consumer confidence fell to a 16-year low. The yen headed for a weekly loss against the euro as a rally in Asian stocks prompted investors to buy higher-yielding assets with loans from Japan. ``The dollar remains vulnerable to another move to the downside,'' Ian Stannard, a currency strategist at BNP Paribas SA in London who says the dollar may ``test'' $1.60 against the euro in the coming week. ``We're unlikely to see any significant change coming out of the G-7.''
The dollar weakened to $1.5804 per euro at 6:18 a.m. in London, compared with $1.5742 in New York yesterday and $1.5737 on April 4. It touched a record low of $1.5913 yesterday. The U.S. currency was at 101.97 yen, from 101.95 yesterday and 101.47 a week ago. The yen fell to 161.17 per euro from 160.51 yesterday and 159.69 a week earlier. The Group of Seven, which comprises the U.S., Japan, Germany, the U.K., France, Italy and Canada, hasn't intervened in currency markets since it supported the euro in 2000. Finance officials from the nations will speak at a press conference at 6:45 p.m. in Washington today. ``There is room for the dollar to fall further,'' said Kenta Inoue, economist and currency analyst at Mitsubishi UFJ Securities in Tokyo, a unit of Japan's largest publicly listed lender. ``The G-7 isn't going to change its statement on foreign exchange with the intention of halting the dollar's decline. It's difficult to argue for a strong currency.''
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