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Dollar Sinks to New Low
Friday October 26, 7:37 am ET
Dollar Continues Descent With Interest-Rate Talks in High Gear
FRANKFURT, Germany (AP) -- The dollar fell to another new low against the euro Friday in midmorning trading on speculation that U.S. interest rates will be cut again.
After rising to a record $1.4375, the euro slipped back to $1.4369, higher than the $1.4319 it bought in late Thursday trading in New York.
The euro last hit a record high against the dollar Monday, rising to $1.4348.
The euro was lifted higher by a spate of sour economic reports from the United States, including a report that showed U.S. orders for durable goods dropped 1.7 percent in September, after an even bigger 5.3 percent plunge in August.
That was the first back-to-back decline in more than a year and took economists by surprise.
The data exacerbated concern about the health of the U.S. economy and has caused investors to sell their dollars in a climate of market nervousness ahead of next week's U.S. Federal Reserve Bank meeting on interest rates.
http://biz.yahoo.com/ap/071026/dollar.html?.v=3
More milyunairs than ever before
Friday October 26, 7:37 am ET
Dollar Continues Descent With Interest-Rate Talks in High Gear
FRANKFURT, Germany (AP) -- The dollar fell to another new low against the euro Friday in midmorning trading on speculation that U.S. interest rates will be cut again.
After rising to a record $1.4375, the euro slipped back to $1.4369, higher than the $1.4319 it bought in late Thursday trading in New York.
The euro last hit a record high against the dollar Monday, rising to $1.4348.
The euro was lifted higher by a spate of sour economic reports from the United States, including a report that showed U.S. orders for durable goods dropped 1.7 percent in September, after an even bigger 5.3 percent plunge in August.
That was the first back-to-back decline in more than a year and took economists by surprise.
The data exacerbated concern about the health of the U.S. economy and has caused investors to sell their dollars in a climate of market nervousness ahead of next week's U.S. Federal Reserve Bank meeting on interest rates.
http://biz.yahoo.com/ap/071026/dollar.html?.v=3
More milyunairs than ever before