Fresh News

Dollar at fresh low against euro

Encouraging US employment data has failed to stem the falls in the US dollar, which has ended at a new record low against the euro in New York.

The euro's value settled at $1.4525, while the dollar also plunged to a new record low against the UK pound, settling at $2.0890.

The dollar sell-off came despite a surprisingly good report on jobs in the US, a key indicator of economic health.

Analysts said the news was not enough to shift negative dollar sentiment.

More Info >>

For stocks, Fed chief in the spotlight

NEW YORK (Reuters) - Investors banking on more interest-rate cuts may get some clues about what comes next from Federal Reserve Chairman Ben Bernanke, who testifies before the Joint Economic Committee of Congress on Thursday.
ADVERTISEMENT

"Clearly anything that he says has the potential to move the markets," said Matt Kaufler, portfolio manager at Clover Capital Management Inc., in Rochester, New York.

After the Fed cut interest rates for the second time this year on Wednesday, stocks rallied. But one day later, the gains were erased as the view took hold that further cuts were not in the cards.

With concerns about a credit crunch and losses in subprime mortgages refusing to go away, brokerage downgrades knocked several financial stocks lower.

More Info >>