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"Dollar Falls to Record Low Against Euro, Swiss Franc on Rates
The dollar fell to a record low against the euro and Swiss franc on concern credit-market losses will slow economic growth, prompting the Federal Reserve to lower interest rates again this year.
Currencies in New Zealand, the U.K., Australia and Norway gained on speculation a group of six Arab nations will change their fixed exchange rates from the U.S. currency. Freddie Mac, the second-biggest buyer of U.S. mortgages, posted its largest- ever quarterly loss and said it may cut its dividend to weather 'significant deterioration' in the housing market.
'There are lots of forces working against the dollar,' said Robert Fullem, vice president of U.S. corporate currency sales at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. 'The market sentiment toward the dollar is very negative. You are going to see further declines in the dollar.'"