25-03-2008
Dollar hits new high against yen and euro
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
The US dollar has reached a new high against the yen and the euro.
During trading towards the end of last week (March 20th), the US dollar increased to its highest level for one week, trading at $1.5421 against the euro at 16:12 GMT. Against the yen, the value of the US dollar also improved, trading at 98.78 yen. "The Fed still needs to cut rates. I'm not convinced that the bottom for the dollar has occurred," said Richard Grace, chief currency strategist with the Commonwealth Bank of Australia.
Camilla Sutton, a currency strategist at Toronto-based Scotia Capital, added: "Commodity markets and currencies are very interconnected and as we see the system deleverage positions in oil and gold, the dollar is bouncing back."
Later, on March 21st, the US dollar was trading at a rate of $1.9834 against the UK pound and at a rate of $1.5448 against the euro. On March 20th, one pound bought $1.9823.