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Strategies & Market Trends : Ride the Tiger with CD

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From: dara	11/24/2006 3:14:41 PM
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Dollar Declines to 19-Month Low Versus Euro, Breaches $1.30 By Daniel Kruger and Kabir Chibber Nov. 24 (Bloomberg) -- The dollar fell to its lowest level in 19 months against the euro on speculation the Federal Reserve will lower interest rates early next year as central banks in Europe increase them. The U.S. currency extended its losses after breaching $1.30 against the euro for the first time since April 2005, a level where traders had placed automatic orders to sell the dollar. The European Central Bank has raised rates to an almost four-year high and President Jean-Claude Trichet on Nov. 20 said inflation remains a threat. The Fed has left rates unchanged since August. ``The break of 1.30 is a strong signal that the dollar has to weaken,'' said Carsten Fritsch, a currency strategist at Commerzbank AG in Frankfurt. ``The sentiment for the dollar is negative. In the euro-zone, growth will remain strong.'' The dollar traded as low as $1.3109 per euro and was at $1.3095 at 1:50 p.m. in New York, from $1.2945 yesterday. The dollar also fell to 115.79 yen, from 116.30, and to as low as $1.9351 versus the U.K. pound, the weakest in almost two years. The euro traded at 151.64 yen, from 150.52 yesterday, after touching a record of 151.74. The volume of trading today may be less than usual after public holidays yesterday in the U.S. and Japan. bloomberg.com

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