Dollar slide ‘to halt at $1.40’

THE dollar’s slide against the euro was likely to halt at $1.40, a leading economist said yesterday.

In late afternoon trading yesterday the euro was trading at $1.3808 to the dollar, down from its all- time high of $1.3832 achieved in late trading on Tuesday night in Tokyo.The dollar also hit a 26-year low against sterling as fears about subprime lending and a slowing US economy keep global investors on edge.

Despite the concerns about the state of health of the US economy, Alan McQuaid, chief economist Bloxham Stockbrokers, said the dollar’s slide should halt at $1.40 to the euro.