The dollar must be feeling a little like the late stand-up comedian Rodney Dangerfield, because recently, the dollar "just isn't getting any respect." The dollar fell to a record low against the euro Tuesday morning, moving to $1.4556 before trading around $1.4545 on talk that the U.S. Federal Reserve is likely to lower interest rates further in an effort to stimulate the U.S. economy and counteract the economic drag effect of subprime mortgage losses. If the Fed cuts rates at its next meeting in December, it would be the third rate cut in four months.
Against the British pound, the dollar moved to $2.0897, a 26-year low, before retreating to trade around $2.0875 in Tuesday mid-morning trading. The dollar also fell to 92.59 cents against the Canadian dollar, but traded slightly higher against Japan's yen, rising to 114.75 yen from 114.55 yen earlier in the day.
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