Old dog COHT making an all time high today, may be due to momentum generated last month be being on that Fortune magazine list.....
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Oh yeah, the ppt is working overtime...
'Cause the dollar is down, and gold is up, can't have any of that rubbish, now can we?
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LONDON (Reuters) - The dollar hit a three-month low against the euro and lost one percent on the day versus the yen on Wednesday, as economic data added to expectations that future hikes in U.S. interest rates might not be aggressive.
A key survey of the U.S. service sector came out weaker than expected on Tuesday, intensifying worries sparked last week by disappointing U.S. payrolls data and the Federal Reserve's insistence on a "measured" pace of future tightening.
Slower rises in U.S. interest rates, which the Fed increased last week for the first time in four years, diminish the allure of dollar-based assets for global investors.
"It is really continued momentum from last week when the dollar looked pretty vulnerable," said Mitul Kotecha, head of global foreign exchange research at Calyon in London.
"Markets had become so bullish on the U.S. economy, data and earnings that it is becoming difficult to live up to expectations. There appears to be a slowing of momentum in the U.S. economy and this is driving the dollar."
By 5:45 a.m. EDT, the euro had risen to $1.2378 per dollar, gaining more than two thirds of a percent on the day and hitting its highest level since early April.
Analysts said its rise was accelerated when the euro broke a key resistance level on technical charts around $1.2350, bringing it within six cents of record highs set at $1.2927 in February.
The Swiss franc strengthened beyond 1.23 to the dollar to come within a whisker of highs not seen since February.
Traders will be on the lookout for any comments on the state of the U.S. economy from Fed Vice Chairman Roger Ferguson, who is due to speak later in the day. |
