The Fed signals additional rate cuts, and the dollar’s decline continues

February 29th, 2008 | Category: Federal Reserve, International Markets

The dollar fell to a three-year low against Japan’s yen after traders calculated that the U.S. Federal Reserve is likely to continue to lower interest rates to stimulate the slow growth / extremely sluggish U.S. economy, Bloomberg News reported Friday.

The dollar fell about one yen to 103.86 yen, before recovering slightly to 104.17 yen Friday at mid-day.

The dollar additionally fell against the world’s

other major currencies, falling about one-fifth of a cent to $1.5187 against the euro and about one-quarter of a cent to $1.9867 against the British pound.

Continue reading The Fed signals additional rate cuts, and the dollar’s decline continues

Original post by Joseph Lazzaro

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