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Dollar tumbles, shrugs off Fed's emergency steps
Summary from the United Kingdom, from articles in English
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The dollar hit another record low against the euro against as the US currency was undermined by worries over the credit crisis and the US economy. (article 1)
Investors are concerned that US authorities will not be able to halt the crisis in the US mortgage market, which is hitting banking confidence. (article 1)
The dollar recovered slightly against the pound sterling on Friday, with $2.0268 needed to buy one pound after nearly touching $2.04 on Thursday. (article 1)
" The dollar is still very much in a downtrend and it's hard to see a catalyst for the reversal of that said Jeremy Stretch (article 1)
" The data has been universally negative for the dollar and until this changes, any rallies are going to be tentative he added. (article 1)
Rate cuts? A report on Thursday that showed a fall in US retail sales for February also upset the market. (article 1)
Economists say it is likely the US economy will fall into recession and that the Federal Reserve will have to keep cutting interest rates. (article 1)
The next US interest rate meeting is next week and markets are expecting that the benchmark rate will be cut by 0.75% to 2.25%. (article 1)
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Other stories about Bear, Stearns and Fed:
Event tracking:
Story keywords
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Bear, Stearns, Fed, banks, Financial |
Source articles
- Dollar slides to fresh euro low (BBC News, 03/14/2008, 257 words)
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blaster@cs.columbia.edu
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