Khanani & Kalia International (Pvt) Limited Weekly Market Review on Sunday (May 11, 2008).
Tin the international market, the dollar fell the most against the euro in a month and depreciated versus the yen as a drop in consumer confidence and a surge in crude oil to a record increased concern U.S. economic growth will slow. The currency dropped for the first time in four days against the euro and was down versus most of its major counterpart.
The Australian dollar touched a 24-year high against the greenback as crude oil pushed prices of other commodities up. The dollar decreased 1 percent to $1.5594 per euro at 4:27 pm in New York, from $1.5448 yesterday.