Dollar No Longer Haven After Fed Moves Rate Near Zero
Dollar No Longer Haven After Fed Moves Rate Near Zero
By Kim-Mai Cutler and Bo Nielsen
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1MsoPDHjFS4
Dec. 17 (Bloomberg) — The world’s biggest currency-trading firms say the dollar’s appeal as a haven amid the financial crisis all but evaporated.
The U.S. currency slid to a 13-year low against the yen today and had its biggest one-day decline versus the euro after the Federal Reserve reduced its target interest rate yesterday to a range of zero to 0.25 percent, the lowest among the world’s biggest economies. CMC Markets said today the currency’s prospects appear “ominous.” State Street Global markets said the dollar’s outlook has been “undermined.”
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