Dollar falls to seven-week low on likely lower interest rates from Fed
Posted by: in Stocks Money NewsFiled under: International markets, Other issues, Federal Reserve
The dollar fell across-the-board Monday against the world’s other major currencies, including falling to a seven-week low against the euro, on talk the U.S. interest rates will continue to move lower due to monetary policy easing amid sluggish economic growth, Bloomberg News reported.
The euro rose about 1.2 cents against the dollar to $1.4892, the British pound gained 0.20 cents to $1.9576 and the yen improved 1.13 yen to 107.72 yen in Monday morning trading.
Bernanke’s speech
Andrew Resnick, independent currency trader, told BloggingStocks Monday U.S. Federal Reserve Chairman Ben Bernanke’s speech last week indicating that the Fed is ready to lower rates more to counteract economic headwinds has convinced many in the foreign exchange market that “at least two more rate cuts are ahead.”
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