Alexander
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Dollar Falls Versus Euro on Joint Rate Cuts by CB - 2008/10/08 20:10
Good day, traders! After rallying during almost 15 days, dollar fell against the Euro, though it keeps rising against emerging currencies.
The dollar declined the most against the euro in more than two weeks after global central banks made joint cuts in borrowing costs, reducing demand for the U.S. currency as a haven from credit market turmoil.
Foreign-exchange volatility implied by dollar-euro options rose to the highest since the 15-nation currency's 1999 debut on concern the financial crisis will deepen.
The dollar dropped 0.9 percent to $1.3706 per euro at 8:08 a.m. in New York, from $1.3588 yesterday. The U.S. currency fell 0.7 percent to 100.78 yen, from 101.47. The euro increased 0.2 percent to 138.08 yen, from 137.89.
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