Dollar Declines On Shaky Auto Deal
The US dollar declined to a six week low against the euro on speculation that the proposed $14 bln bailout of the US auto industry would fail to get passed by the Senate.
The dollar was down across the board, also falling close to $1.50 against the pound, as the US government increases its budget deficit by spending trillions of dollars attempting to revive it's economy.
The dollar fell to $1.3175 per euro, the lowest level since Oct. 30, against the pound it was $1.4989, around 2 cents down on yesterday.
That is just about the only bright spot for the pound, which set a fresh all-time low against the euro today of 1.1361, at 10.45GMT it traded just above that level at 1.1380.
On a trade-weighted basis sterling was at 79.9. It fell to 79.7 in the previous session, its lowest level on daily records kept by the Bank of England that date back to 1990.
The dollar was down across the board, also falling close to $1.50 against the pound, as the US government increases its budget deficit by spending trillions of dollars attempting to revive it's economy.
The dollar fell to $1.3175 per euro, the lowest level since Oct. 30, against the pound it was $1.4989, around 2 cents down on yesterday.
That is just about the only bright spot for the pound, which set a fresh all-time low against the euro today of 1.1361, at 10.45GMT it traded just above that level at 1.1380.
On a trade-weighted basis sterling was at 79.9. It fell to 79.7 in the previous session, its lowest level on daily records kept by the Bank of England that date back to 1990.
