Dollar reaches record low after US consumer confidence and home prices fall
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The U.S. Dollar fell to an all time low against the Euro after data from the U.S. heightened concerns regarding an economic recession. The U.S. currency traded at 1.444 versus the Euro and reached a 26-year low against the British Pound. An index that measures US consumer confidence fell in October to 95,6 points while in August U.S. home prices declined 4,4%, the biggest fall of the past six years. The data bolsters speculation that the Federal Reserve may cut interest rates in the next meeting. The U.S. central bank is set to decide on inte
The U.S. Dollar fell to an all time low against the Euro after data from the U.S. heightened concerns regarding an economic recession.
The U.S. currency traded at 1.444 versus the Euro and reached a 26-year low against the British Pound. An index that measures US consumer confidence fell in October to 95,6 points while in August U.S. home prices declined 4,4%, the biggest fall of the past six years. The data bolsters speculation that the Federal Reserve may cut interest rates in the next meeting. The U.S. central bank is set to decide on interest rates on the 31st of October and economists expect a 25 basis point cut to 4,50%
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Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 30 Oct 2007, 05:30 am IST
