U.S. dollar at all-time low against euro
The U.S. dollar was caught up in a global selling spree Thursday, reaching an all-time low of $1.40 against the euro and parity with Canada, a report says.
The parity with the Canadian dollar was the first time that had happened in three decades.
The New York Times said the selling frenzy indicated traders were digesting the full implications of the Federal Reserve’s reduction of interest rates by one-half percent this week and apparently seeing instability.
The dollar dipped as low as $1.4094 in midday trading in New York, having cracked the $1.40 level in London and losing ground against the pound.
The Japanese yen and the Swiss franc also rallied strongly against the dollar.
Against the Canadian dollar, the U.S. dollar tumbled to one-to-one, a level not seen since the 1976.
// Copyright 2007 by United Press International
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