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Dollar No Longer Haven After Fed Moves Rate Near

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a1MsoPDHjFS4
DECEMBER 18, 2008


The world's biggest currency-trading firms say the dollar's appeal as a haven amid the financial crisis all but evaporated. The U.S. currency slid to a 13-year low against the yen today and had its biggest one-day decline versus the euro after the Federal Reserve reduced its target interest rate yesterday to a range of zero to 0.25 percent, the lowest among the world's biggest economies. CMC Markets said today the currency's prospects appear "ominous." State Street Global markets said the dollar's outlook has been "undermined."

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