Dollar turns lower in Asia as economic concerns persist

0 Comments | AFP, March, 2008

TOKYO (AFP) — The dollar came under fresh selling pressure in Asian trade on Tuesday after an overnight rally sparked by hopes of an easing of the credit crunch on Wall Street fizzled out, dealers said.

The dollar fell to 100.19 yen in Tokyo afternoon trade from 100.73 in New York late on Monday.

The euro rose to 1.5550 dollars from 1.5422 and to 155.83 yen from 155.40.

Concerns weighing on the greenback included "the bearish outlook on the economy and expectations of more (interest) rate cuts," said Tomoko Fujii, head of economic strategy at Bank of America in Tokyo.

The Fed may cut rates by half a percentage point next month and another quarter point in June, she said.

The Fed has slashed its key lending rate by a cumulative 300 basis...