FX round-up: Dollar grinds lower

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Date: Wednesday 07 May 2008

LONDON (ShareCast) - The dollar moved lower on Tuesday as oil prices marched higher and a poor corporate earnings report from mortgage finance giant Fannie Mae renewed fears about the extent of the housing market credit crisis.

Currency markets are also looking ahead to this week’s interest rate decisions from the Bank of England and the European Central Bank. Both central banks are expected to keep their interest rates on hold.

Last week the Federal Reserve cut rates to 2% but hinted that it could be the last rate cut for a while.

Sterling came under pressure on Tuesday after investors digested a report that said the UK service sector stagnated in April.

The report underlined the ongoing damage of the credit crunch and increased expectations of another BoE interest rate cut this year.

Also out Tuesday was the euro-zone purchasing managers index for services, which rose to 52.0 in April from 51.8 in March. The figures came in slightly above forecasts.

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