Dollar Hits 15-Year Low
The dollar fell to a fresh 15-year low against a basket of currencies on Tuesday as the currency continued to suffer from the prospect of a cut in US interest rates.
Expectations that the Federal Reserve would move to lower interest rates at its meeting on September 18 have increased since last week's US employment report, which showed the recent turmoil in the credit markets had spilled over into the wider economy.
"The dollar remains undermined by the increasing prospect of monetary easing by the Federal Reserve as it attempts to forestall the US economy from slipping into recession," said Derek Halpenny at Bank of Tokyo-Mitsubishi UFJ.



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Financial Times | Peter Garnham | September 11, 2007 08:48 AM