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To: Bucky Katt who wrote (37422)	3/12/2008 7:08:23 AM
From: Bucky Katt	Respond to of 48461

Dollar dropping like a stone this morn> The dollar fell on speculation the Federal Reserve's plan to provide funds to banks won't be enough to break the gridlock in money-market lending and stem credit losses. ``Read the need for such new measures as being a symptom of what ails the world and not a panacea for its problems,'' said David Simmonds, the London-based global head of currency research at Royal Bank of Scotland Plc, the world's fourth-biggest foreign-exchange trader. ``Stay short dollars.'' A short position is one where traders bet on a drop in the price of an asset. The U.S. currency also declined as traders wagered the Fed will cut rates by as much as three quarters of a percentage point to prevent a recession, while the European Central Bank keeps borrowing costs unchanged. The yen advanced against the dollar and the euro after Japan's economy grew faster than forecast in the fourth quarter. The dollar fell to $1.5446 per euro by 10:18 a.m. in London, from $1.5338 yesterday, when it declined to $1.5495, the weakest level since the European single currency's debut in 1999. It slipped to 102.97 per yen from 103.42 yen. The euro was at 159.07 yen from 158.61. The U.S. currency also dropped to $2.0191 against the U.K. pound from $2.0064 before Chancellor of the Exchequer Alistair Darling delivers his first budget statement to Parliament at noon in London today.