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Another New Low for Dollar

September 27, 2007

The dollar reached yet another low Thursday, its sixth consecutive trading day searching for, and finding, a new bottom against the euro.

The dollar made some gains later in the face of data showing that new U.S. home sales have tumbled.

The euro rose as high as $1.4189 — up from $1.4136 in New York late the previous day and above its previous peak of $1.4162, which it had reached early Wednesday.

However, it dropped back to $1.4146 in late-afternoon European trading.

The dollar has hit a series of new lows against the euro since the U.S. Federal Reserve cut interest rates by a larger-than-expected half percentage point last week. Disappointing U.S. economic data have underlined the possibility of more cuts.

Lower interest rates, used to jump-start an economy, can weaken a currency as investors transfer funds to countries where their deposits and fixed-income investments bring higher returns.

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Written by admin · Filed Under Coming Economic Collapse 

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