| Global Interest Rates | |||
 Australia |
7.25% | ||
 Canada |
3.5% | ||
 EMU |
4% | ||
 Japan |
0.5% | ||
 Swiss |
2.75% | ||
 England |
5% | ||
 US |
2.25% | ||
News
Dollar Slips after Bernanke Warning on Foreclosures
The dollar fell on Tuesday after Federal Reserve Chairman Bern Bernanke said home prices may continue to fall as foreclosures increase.
The dollar dropped to $1.5523 per euro at 1:25 p.m. in Tokyo, compared with $1.5496 late Monday. The U.S. currency was down to 104.76 yen from 104.85 yen. The euro traded at 162.63 yen from 162.46.
In a speech in New York, Bernanke said additional foreclosures may hurt the broader economy, threatening the financial system. He urged the government and mortgage companies to boost their efforts to reduce foreclosures.
Bernanke did not comment on monetary policy. Recently, the Fed lowered its benchmark interest rate by a quarter percentage point to 2 percent. However a statement issued after the cut was open ended, leaving room for additional cuts or a pause.
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