U.S. dollar hits all-time euro low
The troubled U.S. dollar dropped to an all-time low against the euro Friday as well as against Australian and Canadian dollars.
The euro was at $1.4367 in morning trading, up from $1.4313 against the dollar late Thursday.
The U.S. dollar also dropped to a 33-year low against the Canadian dollar and a 23-year low against the Australian dollar. The British pound approached the 26-year highs it reached in July.
The dollar rose against the yen but its drop against several Asian currencies prompted intervention from some central banks, reports said.
The movement was being driven by Thursday's disappointing raft of economic indicators from the United States, The Wall Street Journal said Friday.
The situation has heightened investors' fears about the economic impact of the mortgage market meltdown and strengthened expectations of an interest rate cut by the Federal Reserve at its meeting next week, the Journal reported. // Copyright 2007 by United Press International
- German proposal: Suspend Greek sovereignty as price of financial aid
- Moldova gets 13 million euro from EU for the Transnistrian region
- Steps to resolve the Eurocrisis
- Default in the Eurozone - the impact for the Transatlantic economy
- Eurozone economy grows 0.8% in the first quarter
- China and US plan talks to solve currency issues
- Official reserves about to hit record high in Moldova
- Crouching tiger, sitting bull: Taking advantage of Ireland’s vote of confidence
- Where are markets heading to? Two scenarios for 2011
- The euro is here to stay
- Asia, US helps Mercedes Benz sales hit record high in 2006
- Cricova: The Largest Underground Wine Cellar in the World
- What does Remortgage mean?
- Dutch bear profit rises 26 percent
- Foreign direct investment in India doubles during 2006
- Greece: Socialist government's budget deficit of 12.5% caused debt crisis
- Toyota in talks to build new China plant
- Walt Disney profit up 39 percent
- DaimlerChrysler is not planning to manufacture trucks in India