Forex News - US Dollar rises as euro and NZ dollar hit lows
The dollar today took the initiative and posted a one year high against the euro, whilst the New Zealand dollar fell behind on news of a big interest rate cut.
The New Zealand dollar dropper over 1 percent against the US dollar and nearly 2 percent against the yen; this dip came after the New Zealand Central Bank lowered its interest rates for the second successive time.
The euro also sore a slump as investors steered away from it, with many analysts wondering if the European economy is struggling as the US economy weakens.
The dollar’s rise comes after another US bank Lehman Brothers announced further losses and that it is looking at plans to raise much needed capital.