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Dollar Drops to Record Low Against Euro

November 24, 2007

 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 13-nation European currency spiked early to hit $1.4966, breaking the previous record of $1.4873, set the day before.

“Once again the message … 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 late afternoon trading, the euro had retreated to $1.4838, up from the $1.4833 it bought late in Europe the day before, but down from the $1.4848 it bought in New York late Wednesday.

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 108.18 yen, down from 108.62 yen late in Europe on Thursday and 108.68 yen in American trading Wednesday.

The British pound, meanwhile, fell to $2.0612 from $2.0634 the day before in Europe and $2.0644 in New York Wednesday.

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Written by admin · Filed Under Coming Economic Collapse 

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