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India On Media |
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| Money
News |
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| Dollar plunges to fresh Euro low |
| The US dollar has been dragged down to a new low against the euro after the latest piece of US economic data.
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| UNITED STATES OF AMERICA
, 18-October-2007
10:44:34 AM |
| Labor Department figures showed the number of people seeking unemployment benefit had leapt by the largest amount since February.
The data boosted expectations that US interest rates could be cut further before the end of the year.
In afternoon trading on Wednesday, the euro hit a high of $1.4305, before pulling back slightly.
It broke the previous record, set on 1 October, when one euro bought $1.4282.
Export implications
The Labor Department figures, which showed an extra 28,000 claims for benefit, came a day after data showing the construction of new homes and apartments in the US had plunged to a 14-year low in September.
The dollar has been sliding since the Federal Reserve cut rates from 5.25% to 4.75% in September to help rejuvenate confidence in the world's largest economy.
This followed a summer of turmoil in the world's credit markets, sparked by record loan defaults in the US sub-prime mortgage sector.
Since then, a raft of mostly disappointing economic news and soft inflation figures has prompted anticipation of further rate cuts.
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