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US Dollar Gets Hammered

December 30, 2007

US dollar hammered | The Australian
THE US dollar posted its biggest weekly drop against the euro since April 2006 as a slumping housing market and upheaval in Pakistan made US financial assets less attractive to global investors.

The US currency fell against all 16 most actively traded currencies, except Mexico’s peso, last week as traders raised bets that the Federal Reserve would cut borrowing costs in January.

The US dollar has lost 10.4 per cent against the euro and 5.7 per cent versus the yen in 2007, and the European currency is up 5.2 per cent versus the yen, its eighth annual increase.

“The dollar is like a sore thumb getting hit by a hammer,” said Brian Dolan, chief currency strategist at Forex.com, a unit of the online currency trading firm Gain Capital in New Jersey. “US housing data shows no signs of any bottom in sight.”

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