Dollar Hits Seven Year High Against Ailing Pound
The dollar soared to it's highest level in more than 7 years against the pound and hit a 2-year peak against the euro Friday morning as global equities tanked on continuing fears of a worldwide economic meltdown.
The greenback spiked to 1.2497 in early dealing versus the euro, extending its dramatic move away from this summer's record low near 1.60, before levelling off around $1.26. With the advance, the dollar reached its highest level versus the euro since September 2006.
Against a woeful performance from the pound, the dollar soared to a 7-year high of 1.5273 before leveling off near 1.56. Sterling had traded at more than $1.75 on Monday.
The greenback spiked to 1.2497 in early dealing versus the euro, extending its dramatic move away from this summer's record low near 1.60, before levelling off around $1.26. With the advance, the dollar reached its highest level versus the euro since September 2006.
Against a woeful performance from the pound, the dollar soared to a 7-year high of 1.5273 before leveling off near 1.56. Sterling had traded at more than $1.75 on Monday.