Both the dollar and the yen fell today as positive manufacturing and housing news convinced some investors to abandon the dollar in favor of riskier – but potentially higher profiting – stocks.
“Risk is back on the table,†said Samarjit Shankar, a managing director for the foreign-exchange group in Boston at BNY Mellon, the world’s largest custodial bank, with more than $20 trillion in assets under administration. “We are looking for a higher euro-dollar going forward. The gradual global recovery remains intact, even though we are going to see ebbs and flows of risk sentiment.â€Â
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