Dollar ends lower on doubts on timing of decline in German interest rates
NEW YORK -- Doubts about just how soon German interest rates will fall conspired with a rebound in the yen and some disappointing news on the U.S. economy to send the dollar skidding.</br></br>But dealers said the dollar found good buying around the day's lows, indicating investors still are confident the U.S. currency eventually is headed higher.</br></br>Late in New York, the dollar was quoted at 1.6395 marks, down from 1.6546 marks late Monday in New York. The U.S. currency also was changing hands at 117.60 yen, off from 118.74 yen. Sterling was trading at $1.4490, up from $1.4390.</br></br>About midday Wednesday in Tokyo, the dollar was trading at 117.34 yen and at 1.6392 marks.</br></br>"It looks like just a correction," said Peter Dembinski, a senior trader at Bank Julius Baer & Co. in New York. "It doesn't look like the dollar is going to fall out of bed here."