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March 05, 2008
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Wednesday
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Safar 26, 1429
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Dollar slides
LONDON, March 4: The dollar lost ground against the euro here on Tuesday in the face of fresh inflation fears in the eurozone and a call by the US Federal Reserve chief for tough action to prevent more US mortgage foreclosures.
The single European currency, which on Monday soared to a record $1.5274, was at $1.5208 in late-day trade against $1.5203 late Monday in New York.
The dollar was meanwhile trading at 102.72 yen after 103.42 on Monday.
The euro was supported by reports that the European Central Bank was preparing to raise its inflation forecasts for the eurozone, a move that would complicate any plans to lower interest rates as a means of spurring growth.—AFP
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