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Forex: Dollar Hits Fresh Yearly Lows Versus Euro, Swiss Franc (RTTNews) - The dollar plunged to a fresh 15-month low versus the euro and slumped below parity versus the Swiss franc for the first time in nineteen months Wednesday morning in New York. The bottom fell out on the buck amid quiet dealing as traders geared up for a slew of economic news ahead of the Thanksgiving holiday. With the major decline versus the euro, the dollar fell through support to hit a yearly low near 1.5100. Increased risk aversion and speculation that the interest rate gap between the US and Euro area will widen has caused investors to flee from the buck in search of higher returns. The dollar fell to .9992 versus the Swiss franc, extending a relentless slide to hit its lowest level since March 2008. At the same time, the buck hit a 10-month low versus the yen, dropping to 87.65. Back in January, the dollar touched a 1995 low of 87.08 before finding support. Meanwhile, the buck slipped to a weekly low of 1.6745 versus the sterling. With the loss, the dollar stayed near a 3-month low of 1.6877 from earlier in November. Many traders will be away from their desks getting ahead start on the Thanksgiving holiday, but stalwarts will be reacting to a deluge of key economic data. Readings on personal income and spending, jobless claims, consumer sentiment and new home sales are all due out this morning. Initial jobless claims for last week are expected to come at around 500,000, a modest improvement from 505,000 the prior week. |
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