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Euro lower to $1.5085 in European morning trade

11/26/09 03:25 EST

FRANKFURT -The euro fell slightly against the dollar Thursday, after reaching a 15-month high the day before.

The 16-nation euro bought $1.5085 in European morning trade, down from $1.5114 late Wednesday in New York. The euro had gone as high as $1.5142 Wednesday, its highest point since August of last year.

The dollar rose to 86.84 Japanese yen, up from 86.51 yen on Wednesday, the dollar's lowest point against the Japanese currency since July 1995. Meanwhile, the British pound fell to $1.6600 from $1.6627.

The dollar slipped after the Fed released the minutes from its November meeting late Tuesday night, indicating it plans to keep interest rates at "exceptionally low levels" for an "extended period." Lower interest rates can weaken a currency as investors move to assets like the euro, where they earn better returns.

U.S. markets are closed Thursday for the Thanksgiving holiday.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
COMMENTS ( 31 )
Page 1 of 7 1 2 3 4 5 6 7 Next >>
DKJAW12
6:48PM Nov 19 2009 
Take a look at this I found. You can get a 4 day free trial for a trading system that works with Forex, Futures, Stocks, Bonds and Commodities. Just go to http://forex-currencyexchange.com and click the top left link.
REPLY RATING
(0 RATINGS)
 
HrrPa9
11:47AM Oct 29 2009 
HBaldo there in lies the question. We continue this assinine attempt to control the intractable with the elected/appointed best and brightest. It never works and never will. So much of U.S. profits remain overseas that such transfers as happens tend to be of quantitative amounts that currency valuations become rocky at best. Small timers can only act as trailers. We find at closer examination most politicians are already quite wealthy. Their pursuits remain vain attempts at self agrandisement. The moral and ethical reasons our founder's had has been replaced by such vanity that effective representation and governing by rational decision making has been reduced to a snickering event.
REPLY RATING
(1 RATINGS)
 
HBaldo
4:21PM Oct 22 2009 
Yes, what to do! The Fed attempted market operations in the 80's but it became evident that the market was so big that it was soon realized that intervention to control the exchange rate of such a massive economy was impossible. What is driving the Euro/$ rate are market forces and many other conditions such as capital flight to and from the US. There are probably people out there who may have an understanding of the relative importance of the significant variables at different times and are benefiting from the decline of the Dollar. However, their knowledge is price sensitive information they are not going to share with world. Unfortunately those individuals will not work for the Fed or the Treasury for many good reasons, compensation probably being one of them. A really knowledgeable trader will receive compensation no government official could ever receive. It appears that even the government actions to regulate foreign exchange related derivatives used for hedging purposes will make it even more difficult for corporations to shield themselves from foreign adverse exchange fluctuations.

Thus, media talk about the government’s failure to step in and force a desired Euro/$ rate is really no more than an expression of faith on the omnipotent power of the government. Given the serious dislocations of the world economy from the Fed keeping domestic rates too low for too long and contributing to the real estate bubble is an indication that all of the government’s economists together simply cannot match the performance of many private sector business analysts. What amazes me to no end is that the journalists completely ignore the Fed/Treasury’s statements in the 80’s that the foreign exchange market for US Dollars is so large as to be beyond control by the government authorities.
REPLY RATING
(2 RATINGS)
 
HBaldo
4:21PM Oct 22 2009 
Yes, what to do! The Fed attempted market operations in the 80's but it became evident that the market was so big that it was soon realized that intervention to control the exchange rate of such a massive economy was impossible. What is driving the Euro/$ rate are market forces and many other conditions such as capital flight to and from the US. There are probably people out there who may have an understanding of the relative importance of the significant variables at different times and are benefiting from the decline of the Dollar. However, their knowledge is price sensitive information they are not going to share with world. Unfortunately those individuals will not work for the Fed or the Treasury for many good reasons, compensation probably being one of them. A really knowledgeable trader will receive compensation no government official could ever receive. It appears that even the government actions to regulate foreign exchange related derivatives used for hedging purposes will make it even more difficult for corporations to shield themselves from foreign adverse exchange fluctuations.

Thus, media talk about the government’s failure to step in and force a desired Euro/$ rate is really no more than an expression of faith on the omnipotent power of the government. Given the serious dislocations of the world economy from the Fed keeping domestic rates too low for too long and contributing to the real estate bubble is an indication that all of the government’s economists together simply cannot match the performance of many private sector business analysts. What amazes me to no end is that the journalists completely ignore the Fed/Treasury’s statements in the 80’s that the foreign exchange market for US Dollars is so large as to be beyond control by the government authorities.
REPLY RATING
(0 RATINGS)
 
LGBAILEY
7:58PM Oct 21 2009 
for any foreign exchange conversion try xe.com. It is the best....
REPLY RATING
(0 RATINGS)
 
Page 1 of 7 1 2 3 4 5 6 7 Next >>
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