Euro Resumes Rise Against Dollar; Yen Hits Three-Year High on Buck |
| Wall Street Journal - Mar 3, 2008 |
The euro jumped to a fresh record high against the dollar early Monday in New York as investors renewed their selling of the greenback ahead of U.S. manufacturing data that's expected to be weak.
After holding to tight ranges overnight, the euro has begun to surge during the North American session, reaching an intra-day high of $1.5266, the highest it's been since it was introduced in January 1999. Monday marks the fifth straight session in which the euro has hit a record high.
At 10 a.m. EST, investors will watch for the Institute for Supply Management's February nationwide U.S. manufacturing report that could show activity slipped back into contraction territory.
"The dollar remains on the defensive, after some dramatic moves last week," said Nick Bennenbroek, head of currency strategy at Wells Fargo Bank in New York. "Another disappointing ISM survey...would spell trouble for the greenback."
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- Posted: 2008-03-03 09:53:17
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