Forex - Dollar weakens sharply, vague rumours of advance FOMC meeting |
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Tue, 20 Nov 2007 08:50
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LONDON (Thomson Financial) - The dollar weakened sharply against the euro and the pound, amid vague rumours in the market of an advance meeting of the Federal Open Markets Committee.The euro climbed to a day high of 1.4740 usd, a whisker off its all-time high of 1.4751 usd, and the pound strengthened back towards the 2.06 usd threshold.Robert Howard, currency analyst at Thomson IFR Markets said: 'A rumour of an emergency FOMC meeting is being touted as a factor in sterling/dollar's early-Europe surge'.Mitul Kotecha, head of forex strategy at Calyon, said he hadn't heard anything concrete to back up the rumours.'I'd be surprised if they held an emergency meeting unless there's a real systematic risk that we are not aware of, a bank going under or something like that,' he said.The minutes to the FOMC's last rate-setting meeting on Oct 31 are due for release tomorrow, along with updated economic forecasts from the Federal Reserve.alex.brittain@thomson.comabr/abr/jlcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Forex - Dollar steadies above all-time euro lows ahead of crucial FOMC meeting 