September 20 - Bloomberg - The dollar traded near a record low against the euro on speculation Federal Reserve Chairman Ben S. Bernanke will signal a U.S. housing slump threatens to slow economic growth in congressional testimony today.
The U.S. dollar fell against 15 of the 16 most-active currencies as traders bet the central bank will cut its benchmark interest rate further after the first reduction since June 2003 on Sept. 18. The currency dropped to the lowest in nine years against the Indian rupee and a six-week low against the Australian dollar.
"We're going to see a continuation of U.S. dollar weakness,'' said Greg Gibbs, a strategist at ABN Amro Holding NV in Sydney. "Bernanke will talk about the housing market and how that could flow through to the rest of the economy. The possibility of more U.S. rate cuts is completely open.'' Read More.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment