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FX round-up: Dollar hurt by US outlook

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Date: Monday 14 Apr 2008

LONDON (ShareCast) - The dollar fell against the euro and the yen on Friday as Wall Street traded deeply in the red while weaker than expected economic data sparked renewed concern about the US outlook.

A US consumer sentiment index fell in March, with sentiment is at its lowest level since March 1982.

Meanwhile analysts said there was little hope that the Group of Seven finance ministers and central bankers meeting on Friday in Washington would come up with anything to help support the falling dollar.

Sterling fell against the dollar and the euro with sentiment remaining cloudy about the UK economic outlook despite the Bank of England’s interest rate cut on Thursday.

The BoE cut borrowing rates by 25 percentage points to 5% to help weather problems in the credit markets and a weaker housing market.

The European Central Bank, as expected, kept rates on hold. The ECB also signalled that inflationary pressures meant rate cuts were not likely in the short term.

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