Dollar slumps to record low against euro
Sunday, 28 October 2007
NEW YORK, Oct 27 (AFP): The dollar tumbled to a fresh record low against the euro yesterday as expectations mounted that the Federal Reserve would cut US borrowing costs again next week.
Traders said an expected interest rate cut by the Fed at a policy meeting scheduled for next Wednesday and uncertainty over US economic momentum combined to push the dollar to new lows.
The euro was swapping hands at 1.4391 dollars around 2100 GMT, up from 1.4320 dollars late Thursday.
Traders said an expected interest rate cut by the Fed at a policy meeting scheduled for next Wednesday and uncertainty over US economic momentum combined to push the dollar to new lows.
The euro was swapping hands at 1.4391 dollars around 2100 GMT, up from 1.4320 dollars late Thursday.