Thursday 27, March 2008 by

Rates cut to back up the economy

Everything was running positively for the greenback early last month especially after positive speeches from Ben Bernanke, the Fed chairman, and president Bush. They both tried to allay fears surrounding the subprime crisis and hinted that they would help investors and borrowers by modifying tax rules as opposed to an interest rate cut. On the announcement the dollar recovered against other major currencies.

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