The dollar hit a 14-month low against the euro Thursday on fears that US interest rates would remain super-low for a long time and as a stock market rally sparked appetite for riskier assets, traders said.
At 0615 GMT, the European single currency reached 1.4968 dollars, the highest level since August 2008. The euro later pulled back to 1.4935, up from 1.4922 dollars late in New York on Wednesday.
Against the Japanese currency, the dollar firmed to 89.65 yen from 89.40 yen on Wednesday.
Minutes from the US Federal Reserve’s most recent interest rate meeting indicated that US borrowing costs would likely remain low for some considerable time, according to analysts.
Minutes from the September 22-23 meeting published on Wednesday showed Fed officials see a recovery underway from recession but one “restrained” by high unemployment and difficult credit.
“The US dollar remains flat on its back and has all the hallmarks of a patient ready for open heart surgery,” said MF Global analyst Manus Cranny.
“No strong dollar rhetoric coming from the Fed minutes … makes clear that rates are not rising any time soon in the United States.”
The Fed voted unanimously at the meeting to maintain the federal funds rate of zero to 0.25 percent in place since last December to help jolt the economy out of its worst recession in decades. Investors generally prefer currencies offering higher yields. Hard money training
Tags: borrowing costs, dollar, investors, recession, unemployment
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