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US dollar lowest record against euro
Sat, 27 Oct 2007 20:54:29
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The greenback has weakend
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The US dollar has hit a record low against the euro amid speculations that the Federal Reserve will lower interest rates next week.
Analysts suggest that signs of a slump in the US housing market will further bolster the case for the Federal Reserve to lower the interest rate.
In late trading, the euro rose to $1.4314 from $1.4263 on Wednesday, and the pound climbed to $2.0515 from $2.0493.
The US currency has weakened for three consecutive weeks, and Bloomberg has reported that the housing recession will spread to consumers and erode corporate earnings.
The US Dollar Index, which measures the dollar's performance against six major peers, has lost eight percent in 2007, and set a record low of 76.977 on Oct. 26.
HJF/NM/RA
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