GHoeberX
03-06-2008, 05:57 AM
Dollar at another record euro low
Worries over the US economy have been undermining the dollar
The dollar has hit a record low against the euro as worries over the US economy continued to hurt the US currency.
At one stage, it took $1.5345 to buy a euro. That is the weakest the dollar has traded since the single European currency was launched in January 1999.
Falling US interest rates have made it less attractive to hold the dollar.
Sterling was little changed against the dollar at $1.9920, with traders looking ahead to the Bank of England's interest rate decision, due at 1200 GMT.
Two gloomy reports on Wednesday raised expectations that the US Federal Reserve will lower interest rates when it meets later this month.
The Commerce Department reported that new orders for manufactured goods fell 2.5% in January, the biggest decline in five months.
A separate report from the Institute for Supply Management showed that activity in the US service sector shrank in February for the second month in a row.
Source: http://news.bbc.co.uk/2/hi/business/7280727.stm
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOBo_x9aAzvo&refer=home
And there's a lot more dollar-related news today:
http://news.google.com/news?hl=en&ned=us&q=dollar
Worries over the US economy have been undermining the dollar
The dollar has hit a record low against the euro as worries over the US economy continued to hurt the US currency.
At one stage, it took $1.5345 to buy a euro. That is the weakest the dollar has traded since the single European currency was launched in January 1999.
Falling US interest rates have made it less attractive to hold the dollar.
Sterling was little changed against the dollar at $1.9920, with traders looking ahead to the Bank of England's interest rate decision, due at 1200 GMT.
Two gloomy reports on Wednesday raised expectations that the US Federal Reserve will lower interest rates when it meets later this month.
The Commerce Department reported that new orders for manufactured goods fell 2.5% in January, the biggest decline in five months.
A separate report from the Institute for Supply Management showed that activity in the US service sector shrank in February for the second month in a row.
Source: http://news.bbc.co.uk/2/hi/business/7280727.stm
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOBo_x9aAzvo&refer=home
And there's a lot more dollar-related news today:
http://news.google.com/news?hl=en&ned=us&q=dollar