Dollar Hits All-Time Low Against Euro
The dollar plunged to its lowest point ever against the euro Wednesday amid speculation that the Federal Reserve will soon cut interest rates and on a warning from the U.S. treasury secretary that turbulence in financial markets may linger.
The 13-nation euro rose as high as $1.3914 in New York trading -- topping its previous record of $1.3852 reached July 24. It later fell back to $1.3908, still up from $1.3832 in New York late Tuesday.
The dollar was lower Wednesday against the British pound, drifting down to $2.0302 from $2.0317 in New York late Tuesday.
The U.S. currency was lower against the Japanese yen, even as Prime Minister Shinzo Abe announced that he would resign, putting an end to his troubled year-old government. The dollar dipped to 114.26 yen from 114.30 yen.
In other trading, the dollar bought 1.0362 Canadian dollars, down from 1.0424 late Tuesday, and 1.1848 Swiss francs, falling from 1.1893.
