February 26, 2008 at 3:00 pm by Tom Lydon
You might want to hold off on booking that European vacation: the euro surged to an all-time high against the dollar today, sending the CurrencyShares Euro Trust (FXE) exchange traded fund (ETF) into record territory.
The dollar’s continuing fall against the euro was led with concerns over yet more interest-rate cuts by the Federal Reserve, plus overall weak U.S. economic news. The euro went up to $1.4985 in afternoon trading, passing the previous record of $1.4968 from November 2007, reports Min Zeng for the Wall Street Journal.
The next target for the euro will be $1.50, considered a psychologically important level. If it hits that, one expert says it could rise to $1.51-$1.52 by the end of March.
Read the disclosure, as Tom Lydon is a board member of Rydex Funds.
Tags: Currency ETFs, Europe, Federal Reserve
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