Dollar Falls To Record Low Against Euro; Fed May Lower Rates

Date: 8 November 2007
Source: Bloomberg.com

Date: 8 November 2007

Bloomberg.org reported that The dollar fell to a record low against the euro on speculation financial-company losses from subprime-mortgage defaults will grow, prompting the Federal Reserve to cut interest rates a third time this year.





The U.S. currency declined versus all 16 of the most- actively traded currencies except the yen after Fed Governor Randall Kroszner said conditions for subprime-mortgage borrowers may worsen. It dropped the most against the South African rand, falling 1.2 percent.



``The dollar will continue to weaken because the rate differentials move against the dollar,'' said Marcus Hettinger, a currency strategist at Credit Suisse Group in Zurich. ``The subprime issue is negative because it increases the probability that the Fed will ease again.''



The U.S. currency dropped to an all-time low of $1.4556 per euro before trading at $1.4547 as of 7:03 a.m. in New York, from $1.4469 late yesterday. The dollar may fall to $1.46 in the coming days, Hettinger said.



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