U.S. Dollar Index Slips Under 78.33
September 24th, 2007We’re seeing prints under 78.33. Making history here. USDX has never been below 78.33.
The Angry Old Fart Oscillator seems to be doing well so far. HA
Via: Bloomberg:
The dollar fell to a record low against the euro for a third straight session on Monday, weighed down by expectations of further U.S. interest rate cuts, which are tarnishing the currency’s appeal to global investors.
Investors ignored more complaints from French officials about the euro’s strength versus the greenback, which again dropped to a 15-year low against a basket of major currencies.
“Sentiment is still sluggish for the dollar and as long as a U.S. rate cut speculation is there, the dollar will continue to remain under pressure,” said Antje Praefcke, currency strategist, at Commerzbank in Frankfurt.
The Federal Reserve’s 50-basis point cut in overnight rates last week to 4.75 percent stoked expectations of even more monetary easing that would erode the dollar’s rate appeal compared with the euro and higher-yielding currencies.
