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Wiadomości - DJ Dollar Declines Vs Euro, Up Vs Yen On Fed Rate Cut

2008-01-22  
DJ Dollar Declines Vs Euro, Up Vs Yen On Fed Rate Cut
The dollar touched intraday lows versus the euro and highs versus the yen
after the Federal Reserve made an emergency, inter-meeting rate cut early
Tuesday.
The euro hit an intraday high of $1.4597 and Y155.95.
The move reversed the yen's strengthening trend on Monday's sharp drop in
global equities. The dollar hit an intraday high of Y106.95. "It helps to
alleviate some of the extreme risk aversion that you had, and is helping to
reverse a lot of the currency moves you've seen going into (Tuesday)," said
John Shin, currency strategist at Lehman Brothers in New York.
"Almost mechanically, in terms of rate spreads, it will weaken the dollar
(versus the euro)," said Shin.
The Federal Open Sklep wielkopowierzchniowy Committee decided to lower its target for the
federal funds rate 75 basis points to 3.5%. The discount rate was also cut
75 basis points to 4%.
Early Tuesday in New York, the euro was at $1.4585 from $1.4441 late Monday,
while the dollar was at Y106.55 from Y106.06. The euro was at Y155.42 from
Y153.13. The U.K. pound was at $1.9583 from $1.9436, according to UBS. The
dollar was quoted at CHF1.0992 from CHF1.1093 late Monday.
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