Dollar Extends Losses Against Euro, Yen on Bernanke's Comments on Housing

(Bloomberg) -- The dollar extended its drop against
the euro and yen after Federal Reserve Chairman Ben S. Bernanke
said tighter lending standards for mortgages will ``restrain''
housing demand longer than policy makers expected.

``The market is taking the tone of Bernanke as a little bit
dovish,'' said Michael Malpede, a senior currency analyst in
Chicago at Man Global Research. ``He is painting a bearish
picture on the housing sector. This may cool market speculation
that we are going to see a rate hike.''


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