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Dollar hits 17-month low versus euro
Financial Times -- The dollar on Wednesday fell to a 17-month low against the euro, amid continued worries over the outlook for US companies. The euro's rise above $0.95 was fleeting, but rekindled hopes that the currency is now heading back towards parity against the dollar. Euro bulls were disappointed, however, that the currency stopped short of $0.951 - a more technically significant level. "The $0.951 level was being protected by investors keen to defend the value of options postions," said Chris Furness, senior currency strategist at the economic consultancy 4Cast. "But these positions are going to expire at the end of this week, leaving the dollar unprotected," he added. By the middle of New York trading the euro stood at $0.945, up slightly on Tuesday's London close of $0.943. History seldom repeats itself in foreign exchange.

posted by West 11:01 PM