01 Sep, 2008
Forex News - Dollar up against the euro as crude oil prices fall
Posted by: ozkan In: mortgage
Tue, 08/12/2008 - 12:09 — Damien Bluestone
The US dollar rose against the euro yesterday and was boosted to a five month high, as crude oil prices fell and investors steered away from the euro as concerns over the state of the economy continue.
With the economic slowdown affecting the European, Asian and Australian economies and all three central banks keeping interest rates the same, demand for the dollar has been higher, causing the euro to suffer its largest weekly fall since 1999.
A fall in crude oil prices also bolstered the dollar as it fell to $114.56 a barrel, easing concerns about raised energy costs to the American economy.