Dollar nears record low vs euro after durables data


The dollar fell closer to a record low versus the euro on Thursday after a report showed an unexpected fall in September durable good orders, bolstering the view a slowing U.S. economy will prompt a cut in U.S. interest rates next week.

Investors will now look to U.S. new home sales for September to help gauge the extent of the crumbling housing market and the impact of tighter credit conditions.

"The headline (durable orders) number is a bit disappointing," said Nick Bennenbroek, head currency strategist at Wells Fargo Bank in New York. "On the other hand, we have housing numbers still coming out today and the markets seem more sensitive to that."


Reuters
10/25/2007 7:12:04 AM