Dollar Rises Against Euro
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
The dollar may advance for a third consecutive week against the euro, the longest winning streak since May, on speculation the Federal Reserve will raise interest rates tomorrow and signal further increases.
Fifty-two percent of the 65 traders, strategists, and investors surveyed on September 16 from Sydney to New York advised buying the dollar against the euro. Participants made their calls a day after reports from the Federal Reserve Banks of Philadelphia and New York showed prices paid by manufacturers surged this month.
Traders are betting the Fed will keep its commitment to lift rates at a “measured” pace after 10 increases since June 2004. The dollar has rallied 3% from a three-month low against the euro reached in the days after Hurricane Katrina pushed oil prices to a record.
