Dollar Falls to Record vs Euro on Speculation Subprime Losses Widening

[marmar]

from Bloomberg:



Dollar Falls to Record on Speculation Subprime Losses Widening

By Laura Cochrane and Stanley White

March 17 (Bloomberg) -- The dollar fell to record lows against the euro and the Swiss franc on speculation more banks will report credit-market losses after JPMorgan Chase & Co. and the New York Federal Reserve bailed out Bear Stearns Cos.

The dollar declined to a 12-year low against the yen after the Daily Telegraph said yesterday Goldman Sachs Group Inc. will reveal $3 billion in writedowns when it releases quarterly earnings tomorrow. Traders have increased bets the Fed will slash interest rates one percentage point tomorrow.

``The U.S. dollar will remain under pressure,'' Benedikt Germanier and Alina Anishchanka, strategists at UBS AG, the world's second-biggest foreign-exchange trader, wrote in a March 14 report. ``Easing monetary policy, ongoing uncertainties in the financial sector and rising fears of capital outflows are chief reasons for our short-term bearish outlook.''

The dollar declined $1.5748 per euro, the lowest since the common European currency's debut in 1999, before trading at $1.5727 at 7:44 a.m. in Tokyo from $1.5674 late in New York on March 14. The dollar fell to a record low of 0.9863 Swiss francs. The U.S. currency declined to a 12-year low of 98.11 yen, before trading at 98.34 from 99.09.

The dollar set record lows against the euro the past four days as investor confidence tumbled, sending U.S. stocks lower for a third straight week and driving gold to a record high of $1,009 an ounce. .......(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aoQzNkU.l0zo&refer=home

[MikeNearMcChord]

1. Hey you are not supposed to be paying attention to that!

You are supposed to be paying attention to the selection Sunday picks or talking who is next to be kicked out of American Idol! What you hate America or somethin?:sarcasm:

[marmar]

2. I'm a multitasker....I paid attention to this and watched the Selection Show....

..... and realized I haven't been following college ball this year. My exit from office pool contention will be swift and merciless.