Dollar Hits High Note Vs Euro/Pound
EURO
The dollar climbed to the highest in almost a year against the euro Friday morning on concern that a credit- market slump will lead the world into a recession, prompting investors to sell higher-yielding assets.
The euro declined after Luxembourg's Finance Minister Jean-Claude Juncker said the currency is "overvalued."
The euro fell to $1.4297 from $1.4325 yesterday. It earlier touched $1.4214, the weakest since Oct. 24. The euro may decline to $1.40 in the coming months analysts said.
POUND
The pound fell against the euro and the dollar, headed for a fourth weekly loss, after the Bank of England kept interest rates on hold, making an economic recovery less likely. The pound is set for a seventh weekly decline versus the dollar.
The pound was at 81.30 pence per euro by 8:10 a.m. in London, from 80.25 pence a week ago. It fell to 81.88 pence yesterday, the weakest level since the single European currency debuted in 1999. The pound was at $1.7610, after earlier slipping to $1.7538, the lowest level since April 2006. It has dropped 3.3 percent in the past week.
The dollar climbed to the highest in almost a year against the euro Friday morning on concern that a credit- market slump will lead the world into a recession, prompting investors to sell higher-yielding assets.
The euro declined after Luxembourg's Finance Minister Jean-Claude Juncker said the currency is "overvalued."
The euro fell to $1.4297 from $1.4325 yesterday. It earlier touched $1.4214, the weakest since Oct. 24. The euro may decline to $1.40 in the coming months analysts said.
POUND
The pound fell against the euro and the dollar, headed for a fourth weekly loss, after the Bank of England kept interest rates on hold, making an economic recovery less likely. The pound is set for a seventh weekly decline versus the dollar.
The pound was at 81.30 pence per euro by 8:10 a.m. in London, from 80.25 pence a week ago. It fell to 81.88 pence yesterday, the weakest level since the single European currency debuted in 1999. The pound was at $1.7610, after earlier slipping to $1.7538, the lowest level since April 2006. It has dropped 3.3 percent in the past week.
