Dollar Falls to Record Against Euro on Fed Rate-Cut Speculation |
| Bloomberg - Feb 27, 2008 |
The dollar weakened below $1.50 per euro for the first time on speculation Federal Reserve Chairman Ben S. Bernanke will indicate the U.S. central bank is ready to cut interest rates from a three-year low.
The dollar also dropped after German business confidence unexpectedly strengthened for a second month in February, prompting traders to reduce bets on a cut in interest rates by the European Central Bank. The currency fell to an all-time low against the Swiss franc and to a 23-year low versus the New Zealand dollar.
``We're in a new regime for the dollar,'' said Bilal Hafeez, London-based global head of currency strategy at Deutsche Bank AG, the world's biggest foreign-exchange trader. ``The proximate cause has been European data, which has indicated that Europe hasn't suffered on the growth side as the U.S. has.''
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- Posted: 2008-02-27 09:52:11
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