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Thursday, September 4, 2008

Forex News: The Euro The Pound Drop The Yen Rises

The euro fell to the lowest level against the dollar in more than seven months after European reports showed retail sales and business investment dropped and crude oil extended its decline.
The yen rose for a fifth day against the euro and increased to a two-year high versus the New Zealand dollar as signs of a global economic slowdown and stock market losses led investors to sell higher-yielding assets and pay back loans in Japan. The dollar remained higher versus the euro as U.S. factory orders rose more than forecast.
Sterling dropped as much as 1 percent to $1.7668, the lowest level since April 2006, as a Nationwide Building Society survey showed British consumer confidence stayed at a four-year low in August. The pound traded at 81.36 pence per euro, near a record low of 81.64 pence reached yesterday. The Bank of England will keep its target lending rate at 5 percent tomorrow, according to all 61 economists surveyed by Bloomberg News.

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