Exporters to lose as dollar hits record low
The dollar fell to a new low against the euro for a third consecutive day yesterday and hit multi-year lows versus all other major currencies, as across the board dollar selling gathered momentum. The fall looks certain to continue without the intervention of the European Central Bank and/or the Bank of Japan.
The dollar fell to a new low $1.3236 to the euro and Deutsche Bank expects the dollar to weaken to $1.43 and to 93 yen by the end of 2005, from previous forecasts of $1.37 and 99 respectively. JP Morgan put a target of $1.35 against the euro by year’s end.
