US dollar sinks as Federal Reserve slashes rates to record lows

December 17, 2008 00:51


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later Don't show it again

The US dollar sank against major currencies Tuesday after the US Federal Reserve cut its target for a key interest rate to an all-time low in a bid to stem the US's economic slide. The central bank said it reduced the federal funds rate to a range of zero to 0.25 percent. That is down from the 1 percent target rate in effect since the last meeting in October. Many analysts had expected the Fed to make a smaller cut to 0.5 percent. The 15-nation euro jumped to $1.3976 in late New York trading, peaking at $1.4148, its highest point since Oct. 1, from $1.3665 late Monday in New York. The British pound climbed to $1.5469 from $1.5253. Meanwhile, the dollar fell to 89.35 Japanese yen from 90.60 yen late Monday in New York, circling 13-year lows. On Friday, the buck bottomed at 88.16 yen, its lowest point since August 1995.

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection