US DOLLAR FALLS TO ANOTHER EURO LOW

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US DOLLAR FALLS TO ANOTHER EURO LOW

 user 2007-09-26 at 11:39:00 am Views: 55
  • #18793

    Dollar falls to another euro low
    The dollar has fallen to yet another all-time low against the euro, after further weak US economic data.
    Figures
    showed that US consumer confidence has fallen to a near two-year low,
    while house prices have seen the sharpest drop in 16 years.Analysts
    said the data boosted expectations that the Federal Reserve will cut
    interest rates still further.In early trading, the euro hit a high of
    $1.4162, before pulling back to $1.4123 by mid-afternoon in Europe.

    ‘Anti-dollar momentum’
    The
    Fed cut US interest rates to 4.75% from 5.25% last week, in a move
    aimed at restoring confidence in both the housing and financial
    markets.It was the first US rate cut in four years.”Momentum to sell
    the dollar remains strong,” said Hideaki Inoue, foreign exchange
    manager at Mitsubishi UFJ Trust and Banking in Tokyo.In further bad
    news for the US economy on Wednesday, orders for durable goods, which
    include everything from washing machines to commercial jets, fell by a
    bigger-than-expected 4.9%.The high value of the euro has caused concern
    among European exporters, as it makes their products more expensive in
    the US.Planemaker Airbus has already warned that jobs could be affected
    if the euro remains so strong.