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Turbulence sends dollar to record low, gold and oil to all-time highs
0 Comments | AFP, March, 2008
LONDON (AFP) — The dollar plunged to a new trough against the euro Monday, undermined by the collapse of US bank Bear Stearns, which powered oil and gold to record heights as investors sought refuge from turbulence.
Equity markets in Asia and Europe also took a drubbing on fears that more big-name US banks could be vulnerable to the credit crisis that sank Bear Stearns and prompted the US Federal Reserve to resort to emergency measures.
The single European currency soared to a record 1.5905 dollars in Asian trading before falling back to 1.5751 dollars in late European trading, against 1.5669 late Friday.
The dollar was meanwhile trading at 96.90 yen after 99.18 on Friday.
Currency investors ploughed more cash into dollar-traded commodities as a...
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