LONDON, March 11: The dollar hit an all-time low against the euro here on Tuesday but later drew support from joint action by the US Federal Reserve and four other central banks to restore credit flows in the global financial system.
The single European currency in late-day trade was at $1.5346 against $1.5345 late Monday, with the dollar having gotten a boost from the Fed move.
At one point, the euro, powered by a better than expected reading on German economic prospects, jumped to a record $1.5495.
The dollar was meanwhile at 102.72 yen, up from 101.73 on Monday.
The news also led to speculation that the Fed is more likely to opt for a half-point interest rate cut next week rather than a more aggressive three-quarter-point reduction.—AFP
