Wednesday, February 27, 2008

Dollar falls to record euro low

The dollar has fallen to a fresh record low against the euro, after weak economic data renewed fears that the US economy may be facing recession.
After figures showed a sharp rise in US home foreclosures and another fall in American consumer confidence, the euro hit an all-time high of $1.4982.
Traders think the Federal Reserve may have to keep cutting interest rates.
Such a move would further undermine the dollar as traders move to currencies with a higher rate of return.
Five-year low
The latest sign of falling US consumer confidence came from the closely watched Conference Board survey.©BBC

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