The dollar descended to new long-term lows Monday against several widely traded counterparts, including the euro and Canadian dollar, as investors pondered the likelihood of a reduction in benchmark U.S. interest rates.
Ahead of the decision Wednesday by the rate-setting Federal Open Market Committee, the greenback stayed mostly range-bound in New York trading, although those ranges were in record-low territory.
The euro hit an all-time high of $1.4439 during the overnight session, while the greenback bottomed out in afternoon trading at C$0.9517 - its lowest level in 37 years.
Sterling traded at three-month highs against the greenback on news that consumer lending in the U.K. shot up to year-high levels, signaling that the recent slew of discouraging U.S. economic reports are primarily of U.S. concern. The pound remained within striking distance of the 26-year highs it reached in July.
The Australian dollar pressed to a fresh 23-year high at 0.9272, mainly on expectations the Reserve Bank of Australia will raise interest rates, said analysts.
Read Complete Story
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment