The US currency hit a record low against the Euro and a basket of currencies overnight as expectations for a further Fed interest rate cut were boosted by the central bank's projection that US economic growth will slow next year. However the dollar did fare better against the Yen as it rallied from a 2 1/2 year low. Both the Euro and the Yen are approaching key psychological levels at $1.5000 and Yen 105.00 and it will be interesting to hear if the rhetoric over concern for their strengths is stepped up by their respective central banks. Stock markets continued to tumble yesterday and look set for further losses with the important levels of 12750 within striking distance in the Dow and 1385 in the S&P 500. Interesting to see that the Kuwait dinar has appreciated nearly 5.5% since leaving the dollar peg on May 19thâ€¦Saudi, UAE, Qatar and Bahrain must be envious. Thanksgiving in USA today.
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