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12:24, April 29, 2008 |
The dollar fell slightly against major currencies on Monday as investors were expecting a rate cut from the U.S. Federal Reserve later this week.
There is a high chance that the Fed would cut interest rates bya quarter percentage point to 2 percent on Wednesday, analysts said.
With inflation rising, some are speculating that the Fed could indicate it is approaching the end of its cycle of drastic interest rate cuts.
The central bank has cut its base rate for 3 percentage points since last September to stimulate economy growth.
The euro bought 1.5645 dollars in late New York trading compared with 1.5593 dollars it bought late Friday. The pound rose to 1.9900 dollars from 1.9810 dollars.
The dollar fell to 1.0353 Swiss francs from 1.0367 Swiss francs, and fell to 104.43 Japanese yen from 105.26 Japanese yen. It fell to 1.0119 Canadian dollars from 1.0164 Canadian dollars.
Source: Xinhua
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