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FX round-up: Dollar resumes fall

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Date: Wednesday 26 Mar 2008

LONDON (ShareCast) - The dollar posted its biggest loss against the euro in two weeks as data released Tuesday raised fears about the US economy again.

The Conference Board's survey on consumer confidence plunged to 64.5 in March from 75 last month and worse than expectations of 73.4.

Standard & Poor's/Case-Shiller home prices index dropped 10.7% in January, the biggest drop since records began in 1987.

The pound also benefited against the dollar on the news and also received a general boost in risk appetite as equity markets rose heavily thanks to the rise of banking stocks after JP Morgan increased its offer for Bear Stearns.

The CBI has cut its forecast of UK economic growth with higher food and fuel prices also likely to send inflation higher.

It now expects the UK economy will grow at a slower than predicted rate of 1.8% this year, a 0.2% reduction, and by 1.7% in 2009.

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