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Strategies & Market Trends : The Residential Real Estate Crash Index
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From: ChanceIs9/27/2007 6:59:44 AM
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Euro Rises to New High on Dollar

Associated Press

September 27, 2007 4:46 a.m.

BERLIN -- The euro rose to a new high of $1.4166 on Thursday, its sixth record in as many trading days against the sagging dollar.

The euro rose from its level of $1.4136 in New York late the previous day and broke through its previous peak of $1.4162, which it had reached early Wednesday.

The dollar has hit a series of new lows against the euro over recent days since the U.S. Federal Reserve cut interest rates by a larger-than-expected half-percentage point. Disappointing U.S. economic data since then have underlined the possibility of more cuts.

Lower interest rates, used to jump-start an economy, can weaken a currency as investors transfer funds to countries where their deposits and fixed-income investments bring higher returns.

Higher interest rates are used to combat inflation. Data were due from the U.S. later Thursday on personal consumption expenditures, an important inflation indicator for the Fed.

"Any signs of weakness here will add to calls for a Fed rate cut at the next ... meeting," said James Hughes, a market analyst at CMC Markets.

However, "with this already being at least part priced into the markets, just how much more damage a downbeat reading here could do to the greenback will doubtless be a cause for debate amongst traders," he said.

In other trading Thursday, the British pound rose to $2.0218 from its level of $2.0155 in New York late Wednesday. The dollar edged up to 115.56 yen from 115.43 yen.
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