Dollar holding above Wednesday's historic lowsThis article was originally published in Dairy Markets
As markets await interest rate decisions from both the European Central Bank and the Bank of England this morning the dollar remains under pressure, hovering close to yesterday's historic lows across the board. The euro surged to an all-time high against the dollar of €1 = $1.4731 on Wednesday following announcements of losses by Morgan Stanley and General Motors Corp. in the US, extending the dollar's losses since last week's 25 basis point interest rate cut by the Federal Reserve Bank to 4.5%. This morning the euro/dollar was trading around €1 = $1.4664. Versus the yen the greenback pulled back from a three-month low of $1 = ¥112.00 hit yesterday, trading this morning in the region of $1 = ¥112.70.