U.S. Dollar Index Falls to Lowest Since 2008

Currencies , US Dollar Apr 28, 2011 No Comments

The Dollar Index fell to its lowest level since 2008 as the Federal Reserve’s pledge to keep interest rates near zero to stimulate growth spurred investors to buy higher-yielding assets.

The Dollar Index, which tracks the dollar against the currencies of six major U.S. trading partners, dropped to 73.013 as of 8:50 a.m. in London from 73.519 in New York yesterday, after touching 72.871, the least since July 2008. The dollar declined to $1.4851 per euro from $1.4788 after sliding to $1.4882, the weakest since Dec. 7, 2009.

The Australian dollar climbed to a record against its U.S. counterpart amid speculation the South Pacific nation will raise rates to contain inflation. The U.S. currency depreciated versus 13 of its 16 most-actively traded peers and fell to its weakest level against the euro in more than 16 months. The yen appreciated versus most other major currencies after a report showed Japanese investors sold foreign assets last week.

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via Dollar Index Falls to Lowest Since 2008 on Fed; Aussie Advances – Bloomberg.com.

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Rod Sherkin

Rod is a former senior executive, responsible for Purchasing, for both Pillsbury and Ball Packaging back in the 80’s and 90’s. Since then, he has continued to work in the Purchasing field as both a consultant and founder of the website Propurchaser.com.

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