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India On Media |
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| Money
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| 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
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| UNITED STATES OF AMERICA
, 26-September-2007
10:14:5 AM |
| 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.
Analysts are now turning their attention to the latest monthly report on sales of durable goods, which is due out later on Wednesday.
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
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