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Dollar falls to new record low against euro


The dollar sank to a new record low against the euro in Asian trade Monday as market players grew increasingly confident about the prospect of another US interest rate cut this week, analysts said.

The euro hit 1.4426 dollars in early Tokyo morning trade, breaking the 1.44 level for the first time since the single European currency`s creation in 1999.

The euro stayed around the record levels in the afternoon, changing hands at 1.4420 dollars against 1.4391 dollars in New York on Friday.

The dollar also slipped to 114.15 yen from 114.24 in New York, while the euro rose to 164.64 yen from 164.37.

"The market is confident about selling the dollar because the Federal Reserve is expected to cut rates again" on Wednesday, said Kenichi Yumoto of Societe Generale.

"The dollar will be under pressure at least until the meeting as we are unlikely to see news that would erase uncertainty over the US economy by then," he said.

The policy-making Federal Open Market Committee will start its meeting Tuesday and announce the results of its deliberations on Wednesday.

"Expectations of a rate cut and US economic weakness are weighing on the dollar," said Callum Henderson, head of currency strategy at Standard Chartered Bank in Hong Kong.

The euro may go as high as 1.45 dollars this week, he said.

The Fed is widely expected to trim its benchmark short-term federal funds rate by a quarter of a percentage point this week after slashing it by a hefty 0.50 percent last month.

There has been some speculation the Fed might even lop another half point off the key rate again, but analysts said such a large reduction appeared unlikely this time.

"The Fed is not in a situation that warrants cutting the rate as aggressively as the last time," said Sumitomo Trust Bank forex strategist Saburo Matsumoto.

"As commodities prices are surging ahead, there also are concerns over inflation," which could be fuelled by lower interest rates, Matsumoto said.

The central bank cut borrowing costs by half a percentage point on September 18 to 4.75 percent in the face of the housing slump and a credit crunch that was shaking the financial sector.

Worries about the slowing US economy -- especially its housing market, which has been mired in a downturn since early 2006 -- continue to weigh on the dollar.

The market is waiting anxiously for fresh US data this week, including Friday`s monthly labour market report, for fresh clues on the health of the world`s largest economy.

The yen was higher against the dollar as players cut back on risky carry trades that involve selling low-return currencies for higher-yielding ones, but it lost ground against the euro, dealers said.

"The dollar and yen remained the weak pair of currencies," said Matsumoto.

The dollar was also down against most other Asian currencies.

The dollar fell to 1.4520 Singapore dollars from 1.4544 Singapore dollars on Friday, to 32.37 Taiwan dollars from 32.41 and to 908.10 South Korean won from 913.45.

It also slipped to 9,085 Indonesian rupiah from 9,135 and edged down to 44.00 Philippine pesos from 44.04.

But the dollar rose sharply to 34.05 Thai baht from 31.66.

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18.09.2017
Dollar falls to new record low against euro -  Знаменитости Dollar falls to new record low against euro шоу бизнес последние эротические фотографии  эротика лучшие
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