The U.S. dollar fell to an all-time low against the euro, and also weakened against 14 other of the 16 most-active currencies, ahead of Federal Reserve Chairman Ben Bernanke’s testimony before Congress today. Traders are betting that Bernanke will support a further cutting of interest rates, already at a three-year low. “We’re going into a new leg of dollar weakness,” said Tony Morriss at Australia & New Zealand Banking Group Ltd. (Bloomberg)
The Bottom Line
February 27, 2008
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