After further losses in the US banking sector, the dollar fell to an all-time low against the euro this week. The dollar ended the day at $1.4745 against the euro, still worse than the previous low of $1.4752 per euro at the start of the month, though it had been down at $1.4822 at the close of trade on Tuesday – the lowest it has ever been.
Meanwhile, the dollar is also down against the pound, with one pound worth $2.0589 at the close of trade today. Although that isn’t as bad as the $2.1144 of November 9th, the US economy remains weak.
The latest weakening of the dollar comes in the wake of losses in the US banking sector, as the sub-prime crisis and ensuing credit crisis continue to take their toll. With the Federal rate now at 4.5% and expected to be lowered further, the dollar may get worse before it gets better.
US Banking Losses Trigger Weaker Dollar
US Banking Losses Trigger Weaker Dollar
Fri, 30 Nov 2007
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