Dollar hits record low against euro
Many investors are factoring a rate cut from the Federal Reserve, driving the dollar even lower. Record oil prices also pressure the dollar.
FRANKFURT, Germany (AP) -- The U.S. dollar dipped to another record against the euro on Monday, trading below $1.44 for the first time as markets anticipated a likely interest rate cut by the Federal Reserve later this week.
The 13-nation euro rose above its previous record of $1.4393, set Friday, and climbed as far as $1.4438 before settling back to $1.4404. That was still above the $1.4385 it reached late Friday.
The euro has been climbing steadily against the dollar, soaring to new highs almost weekly since August amid fears over the U.S. economy's health -- stoked by the subprime credit crisis and increasingly disappointing economic reports. more
No comments:
Post a Comment