US Dollar Hits 2-month Lows; Eyes on US Bailout
Contrarian Profits (December 15th, 2008) Writes:
Dollar slides across board, hits 2-mth low vs euro… Dollar hits 2-mth low vs basket of currencies… Focus on fate of U.S. automakers, Fed rate decision
The U.S. dollar fell to two-month lows against the euro and a basket of currencies on Monday, pressured by uncertainty over the fate of U.S. automakers and reduced safe-haven flows.
The dollar was starting to respond negatively to concerns about further weakness in the U.S. economy, analysts said, after a run of weak data caused an exodus from risky positions and increased flight-to-quality buying in the currency.
Investors shunned the greenback amid fears a failure of one or more of the automakers could exacerbate a year-long recession and drag down other companies.
“The uncertain outlook for the U.S. automakers continues to keep investors wary of over exposure to the dollar at this point,” said Omer Esiner, senior market analyst at Ruesch
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