Wednesday, September 12, 2007

REUTERS: FOREX-Dollar sinks to 15-year low ahead of Fed decision Thu Sep 13, 2007 9:42am ET

By Vivianne Rodrigues

NEW YORK, Sept 13 (Reuters) - The dollar dropped to a 15-year low against a basket of currencies for the fifth day on Thursday as investors braced for a deluge of data on Friday and an expected Federal Reserve interest rate cut next week.

The greenback also fell to record lows versus the euro and a three-decade trough against the Canadian currency, although it recovered some of those losses after almost a week of declines.
A falling dollar "has been the strong trend for the past few days, ever since we got the payrolls number. The market is now pricing in the fact that what we are seeing in financial markets ... is probably going to be a lot more negative for the U.S. economy than economies elsewhere," said Adarsh Sinha, currency strategist at Barclays Capital.

"We think that further (dollar) weakness is likely ahead."

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