Dollar at 15-year Low
Posted: Tue Sep 11, 2007 9:57 am
Maybe we'll need to resort to Ozarkia money?!
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The dollar fell to a fresh 15-year low against a basket of currencies on Tuesday as the currency continued to suffer from the prospect of a cut in US interest rates.
Expectations that the Federal Reserve would move to lower interest rates at its meeting on September 18 have increased since last week’s US employment report, which showed the recent turmoil in the credit markets had spilled over into the wider economy.
“The dollar remains undermined by the increasing prospect of monetary easing by the Federal Reserve as it attempts to forestall the US economy from slipping into recession,” said Derek Halpenny at Bank of Tokyo-Mitsubishi UFJ.
Analysts said a sharp rise in the price of oil caused by attacks on oil and gas pipelines in Mexico and doubts that Opec would raise its production quotas at its Vienna meeting had not helped the dollar’s cause.
Read the rest here.
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The dollar fell to a fresh 15-year low against a basket of currencies on Tuesday as the currency continued to suffer from the prospect of a cut in US interest rates.
Expectations that the Federal Reserve would move to lower interest rates at its meeting on September 18 have increased since last week’s US employment report, which showed the recent turmoil in the credit markets had spilled over into the wider economy.
“The dollar remains undermined by the increasing prospect of monetary easing by the Federal Reserve as it attempts to forestall the US economy from slipping into recession,” said Derek Halpenny at Bank of Tokyo-Mitsubishi UFJ.
Analysts said a sharp rise in the price of oil caused by attacks on oil and gas pipelines in Mexico and doubts that Opec would raise its production quotas at its Vienna meeting had not helped the dollar’s cause.
Read the rest here.