The dollar fell against major currencies on Monday as speculation persists that the Federal Reserve will slash interest rates later this month.
Some of Wall Street's largest banks will be reporting their earnings this week, and currency dealers will be watching for indications of how much the credit crisis is damaging their bottom lines and increasing the risk of prolonged economic weakness.
Last week, Fed Chairman Ben Bernanke said the U.S. central bank would act aggressively in confronting economic woes, signaling more interest rate cuts.
Investors are expecting a rate cut of half percentage point. Futures are also reflecting a 50/50 chance that the Fed could reduce its interest rate by three-quarters of a point.
The euro rose as high as 1.4914 dollars before slipping back to1.4877 dollars in late New York trading, still well above the 1.4785 dollars it bought late Friday.
The pound was worth 1.9567 dollars Monday, down from 1.9573 dollars late Friday.
The dollar slid to 1.0927 Swiss francs from 1.1010 Swiss francs, after falling to a record low of 1.0888 Swiss francs earlier in the day.
The dollar slipped to 108.28 yen from 108.91 yen Friday. It fell to 1.0183 Canadian dollars from 1.0206 Canadian dollars.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article