Dollar falls to record lows
12 July 2007
12.07.07
Dollar falls to record lows
The US Dollar fell to a record low against the Euro today (1.3799) as concerns about the sub prime lending market impacting the economy continue to weigh heavily on the currency. Earlier this week, the Dollar fell to a twenty six year low against Sterling as GBP/USD broke through the key 2.0130 level.
With renewed concerns about the US economy, there have been increased talks of a rate cut in the US although at this stage, rates are still expected to remain on hold for the remainder of 2007.
Earlier today, we saw the US trade deficit widen slightly to $60.04bn although this was broadly in-line with market expectations and consequently had little impact on the market.