The shared 13-nation currency spiked early to hit $1.4966, breaking the previous record of $1.4873, set the day before."Once again the message that is coming through is that with further rate cuts expected from the Fed, the dollar is struggling to find any serious supporters," said James Hughes, an analyst at CMC Markets.In afternoon European trading, the euro had retreated to $1.4803, down from the $1.4833 it bought late in Europe the day before.The dollar fell to purchase as little as 107.56 Japanese yen, dropping below the 108-yen level for the first time since 2005. It recovered slightly to purchase 108.3 yen, down slightly from 108.62 yen late in Europe on Thursday.The British pound, meanwhile, fell to $2.0547 from $2.0634 the day before.
Friday, November 23, 2007
Dollar Hits New Low Versus Euro.
The dollar hit a new low against the euro in thin trading Friday as speculation continued that the American credit crisis will lead to another cut in interest rates in the U.S.
The shared 13-nation currency spiked early to hit $1.4966, breaking the previous record of $1.4873, set the day before."Once again the message that is coming through is that with further rate cuts expected from the Fed, the dollar is struggling to find any serious supporters," said James Hughes, an analyst at CMC Markets.In afternoon European trading, the euro had retreated to $1.4803, down from the $1.4833 it bought late in Europe the day before.The dollar fell to purchase as little as 107.56 Japanese yen, dropping below the 108-yen level for the first time since 2005. It recovered slightly to purchase 108.3 yen, down slightly from 108.62 yen late in Europe on Thursday.The British pound, meanwhile, fell to $2.0547 from $2.0634 the day before.
The shared 13-nation currency spiked early to hit $1.4966, breaking the previous record of $1.4873, set the day before."Once again the message that is coming through is that with further rate cuts expected from the Fed, the dollar is struggling to find any serious supporters," said James Hughes, an analyst at CMC Markets.In afternoon European trading, the euro had retreated to $1.4803, down from the $1.4833 it bought late in Europe the day before.The dollar fell to purchase as little as 107.56 Japanese yen, dropping below the 108-yen level for the first time since 2005. It recovered slightly to purchase 108.3 yen, down slightly from 108.62 yen late in Europe on Thursday.The British pound, meanwhile, fell to $2.0547 from $2.0634 the day before.
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