LONDON, Sept 24: The euro soared to a record $1.4130 on Monday as the market remained convinced the US Federal Reserve was on course to cut interest rates further, dealers said.
In late European trading, the euro pulled back to $1.4086, which compared with $1.4090 in New York late on Friday.The dollar fell to 114.97 yen from 115.35 late on Friday.
Over the past few weeks, the euro has blazed a record-breaking trail against the dollar as currency investors fretted over the state of the US economy and the likelihood of lower American borrowing costs.
On Monday the euro -- the common currency of the 13-state eurozone -- hit its record high of $1.4130 before falling back slightly.
The dollar strengthened a touch after US Federal Reserve official Richard Fisher said the Fed’s rate cut last week prevented an excessive slowdown in economic growth.
Markets have been anticipating comments from Fisher and Fed chairman Ben Bernanke on Monday for clarification on the central bank’s thinking when it cut rates by a half-point last week to 4.75 per cent.—AFP
