The dollar slumped to a new 14-month low Wednesday, and it could continue floundering well into next year.The green back was trading at $1.50 to the euro Wednesday, a key psychological milestone. It also fell to a level near 75 on the dollar index, well below its year high of 89.62 and another important round number. The dollar index represents a basket of currencies, but the majority weighting is the euro.
"The dollar is just in a funk, and nobody lifts a finger to help it," said Brian Dolan of Forex.com. "We had Euro zone meetings Monday and Tuesday. They voiced their concerns but showed no signs of any action to counter the euro strength. All the feed back loops are in perfect motion here. We got some oil inventory data that was oil positive and that added to the dollar's woes." (more)
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