US dollar weaker again

US dollar weaker again

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The US dollar slipped to yet another record low in relation to the euro in morning trade in New York on Friday.

At just before 11 a.m. EDT, the greenback traded at $1.4489 to the euro, continuing a decline which has seen the dollar decline against all major currencies since the beginning of the year.

Some analysts fear that the continuing declines for the dollar will result in an intervention by the United States, Japan, and the European Union in the currency markets.

By shortly before 1 p.m. in New York, the US currency was trading at $1.4502 to the euro, while the yen was at ¥114.7350 versus the dollar.

Sterling was stronger on the session on the assumption that the Bank of England will not cut interest rates for the rest of the year, unlike the US Federal Reserve which more analysts now expect will issue another rate cut in December.

The UK currency is up nearly 1.5 percent versus the greenback this week.

In early afternoon trade in New York, the US dollar was trading at $2.0857 in relation to the pound, while the yen traded at ¥239.3030 to the pound and the euro sat at €1.4382 to the pound.