FOREX---dollar rises from 2009 low of recovery convens.....
* Dollar, yen rally after U.S. July consumer data
* Dollar rebounds from 2009 trough vs basket of currencies
* U.S. consumer confidence fell more than expected to 46.6
* Aussie dollar gains on rate hike expectations (Adds comments, updates prices, adds detail)
By Wanfeng Zhou
NEW YORK, July 28 (Reuters) - The dollar rebounded on Tuesday from its lowest level this year against a basket of currencies as a drop in U.S. consumer confidence fueled worries about the economy, enhancing the greenback's safe-haven appeal.
The weaker-than-expected U.S. data added to pessimism already in the financial markets sparked by disappointing quarterly results from a handful of major companies such as Office Depot Inc (ODP.N: Quote, Profile, Research).
That weighed heavily on stock and oil prices and dragged down the Australian dollar from its highest level against the U.S. currency since last September. The yen rallied across the board as investors dumped riskier assets.
"Consumers are feeling no love in this recovery," said Boris Schlossberg, director of currency research at GFT Forex in New York. "All this suggests is that the critical assumption by the recovery bulls that consumption will come back as the recovery takes hold is faulty."1 | 2 | 3 Next Page
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