Business | Economy
Dollar recovers from fresh lows
The dollar rebounded from record lows against the euro yesterday, brushing aside a steeper-than-expected fall in August durable goods orders as buyers took advantage of cheap exchange rates.
- Reuters
- Published: 23:33 September 26, 2007
New York: The dollar rebounded from record lows against the euro yesterday, brushing aside a steeper-than-expected fall in August durable goods orders as buyers took advantage of cheap exchange rates.
The economic data provided more evid-ence of a slackening in economic activity, strengthening the case for a second Federal Reserve interest rate cut next month. Another cut would further reduce the appeal of the dollar's yield after last week's half-percentage-point reduction in the federal funds rate target to 4.75 percent.
The euro was last trading at $1.4123 in New York, down 0.2 per cent on the day, after racing to an all-time high of $1.4162 in European trade.
Against the yen, the dollar rose 0.6 per cent to 115.41.
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