The US dollar dropped to 74.775, against a basket of 6 currencies Wednesday morning. This is a new 15-month low as the euro climbed to just over $1.50. Statements by Treasury Secretary Timothy Geithner reinforcing the administration's position that a strong dollar is good for the U.S. economy did little to aid the sinking USD.
Geithner expressed that low interest rates and other government provided economic crutches remain vital at this time.
The prospect of the Federal Reserve maintaining the key U.S. interest rate near zero has been detrimental to the dollar. Inflated interest rates make a currency more appealing to investors looking to earn higher returns.
The euro rose to $1.5026 Wednesday morning from $1.4978 late Tuesday. The British pound fell to $1.6665 from $1.6737, and the dollar gained .03 on the Japanese yen to reach 89.80 from 89.77 yen.
Additionally, the dollar fell to 1.0047 Swiss francs from 1.0081 francs, and slid down to 1.0455 Canadian dollars from 1.0496 at closing on Tuesday.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on the Internet at www.equitiesmagazine.com, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription to EQUITIES Magazine.
