Dollar Weakens Versus Yen, Euro as U.S. Recession Deepens

By Ron Harui and Candice Zachariahs

Nov. 24 (Bloomberg) -- The dollar fell against the yen and the euro on speculation a U.S. housing report today will add to evidence of a deepening recession in the world's biggest economy.

The U.S. currency slid to $1.2611 per euro from $1.2587 late in New York on Nov. 21. It declined to 95.42 yen from 95.94. The yen traded at 120.62 per euro from 120.71. Foreign-exchange movements may be exaggerated because trading volumes are lower than usual due to a Japanese public holiday today.

Purchases of existing homes fell 3.5 percent last month to a 5 million annual pace, the biggest monthly drop since September 2007, according to the median estimate of economists surveyed by Bloomberg News. The National Association of Realtors' resales report is due at 10 a.m. in Washington.

To contact the reporters on this story: Ron Harui in Singapore at at rharui@bloomberg.net; Candice Zachariahs in Sydney at at czachariahs2@bloomberg.net